IAP Book 2017 18 PDF

Insurance Year Book 2017-2018
Published By
The Insurance Association of Pakistan
IAP House
5C, Nishat Lane-1
Phase VI, DHA, P.O. Box 4932
Karachi 75500
Tel: (92-21) 35171571-74

Fax: (92-21) 35171576
E-mail: info@iap.net.pk
Web: www.iap.net.pk
Vision Statement
To be a forum of active exchange on matters
relating to insurance. To promote, support and protect
common interest of member companies carrying on the
business of insurance in Pakistan and to endeavor to
increase insurance awareness and penetration
in the country.
C O N T E N T S
1. Executive Committe Members ---------------------------------------------------------------------------------------05
2. Chairman's Message ---------------------------------------------------------------------------------------------------19
Message from Chairman, The Insurance Association of Pakistan, Mr. Muhammad Rahat Sadiq-------------20
3. Size of Insurance Market of Pakistan for 2017 - Including Public Sector-----------------------------------21
4. Executive, Regional & Technical Committees activities --------------------------------------------------------23
Executive Committee ---------------------------------------------------------------------------------------------------24

Regional Committee North ---------------------------------------------------------------------------------------------28
Accident Committee ----------------------------------------------------------------------------------------------------30
Life Committee ----------------------------------------------------------------------------------------------------------32
Marine Committee -------------------------------------------------------------------------------------------------------34
Miscellaneous Committee-----------------------------------------------------------------------------------------------00
Property Committee -----------------------------------------------------------------------------------------------------36
5. Market Overview of Non Life Insurance Industry in Pakistan -----------------------------------------------39
6. Market Overview of Life Insurance Industry in Pakistan -----------------------------------------------------41
7. Company Profiles -------------------------------------------------------------------------------------------------------45
Non Life Insurance
1. Adamjee Insurance Company Limited --------------------------------------------------------------------------------46

2. Alfalah Insurance Company Limited ----------------------------------------------------------------------------------48
3. Allianz EFU Health Insurance Limited -------------------------------------------------------------------------------50
4. Alpha Insurance Company Limited------------------------------------------------------------------------------------52
5. Asia Insurance Company Limited--------------------------------------------------------------------------------------54
6. Askari General Insurance Company Limited-------------------------------------------------------------------------58
7. Atlas Insurance Limited -------------------------------------------------------------------------------------------------60
8. Century Insurance Company Limited ---------------------------------------------------------------------------------62
9. Chubb Insurance Pakistan Limited------------------------------------------------------------------------------------64
10. Cooperative Insurance Society of Pakistan Limited -----------------------------------------------------------------66
11. Crescent Star Insurance Limited ---------------------------------------------------------------------------------------70
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12. East West Insurance Company Limited ------------------------------------------------------------------------------72
13. EFU General Insurance Limited ---------------------------------------------------------------------------------------74
14. Excel Insurance Company Limited ------------------------------------------------------------------------------------76
15. Habib Insurance Company Limited -----------------------------------------------------------------------------------78
16. IGI General Insurance Limited ----------------------------------------------------------------------------------------00
17. Jubilee General Insurance Company Limited ------------------------------------------------------------------------82
18. The Pakistan General Insurance Company Limited -----------------------------------------------------------------84
19. Premier Insurance Limited----------------------------------------------------------------------------------------------86
20. Reliance Insurance Company Limited --------------------------------------------------------------------------------88
21. SPI Insurance Company Limited --------------------------------------------------------------------------------------90
22. Security General Insurance Company Limited ----------------------------------------------------------------------92
23. Shaheen Insurance Company Limited---------------------------------------------------------------------------------96
24. Sindh Insurance Limited ------------------------------------------------------------------------------------------------98
25. TPL Insurance Limited ------------------------------------------------------------------------------------------------100
26. UBL Insurers Limited--------------------------------------------------------------------------------------------------102
27. United Insurance Company of Pakistan Limited -------------------------------------------------------------------104
28. Universal Insurance Company Limited------------------------------------------------------------------------------108
Note: AIG has stopped offering commercial insurance in Pakistan.
Life Insurance
1. Adamjee Life Assurance Company Limited ------------------------------------------------------------------------110

2. East West Life Assurance Company Limited (now as Askari Life Assurance Co. Ltd.)----------------------114
3. EFU Life Assurance Limited. -----------------------------------------------------------------------------------------118
4. IGI Life Insurance Limited--------------------------------------------------------------------------------------------124
5. Jubilee Life Insurance Company Limited ---------------------------------------------------------------------------128
6. State Life Insurance Corporation of Pakistan-----------------------------------------------------------------------132
7. TPL Life Insurance Limited-------------------------------------------------------------------------------------------136
Reinsurance
Pakistan Reinsurance Company Limited----------------------------------------------------------------------------------140
8. Members' Directory --------------------------------------------------------------------------------------------------143
9. Pictorial Presentation of IAP events-------------------------------------------------------------------------------151
Annual General Meeting ----------------------------------------------------------------------------------------------156

Annual Dinner ----------------------------------------------------------------------------------------------------------158
Insurance Day Celebrations -------------------------------------------------------------------------------------------154
Award Ceremony
IAP Cricket Tournament
10. Notes
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EXECUTIVE
COMMITTE
MEMBERS
MR. MUHAMMAD RAHAT SADIQ
Chairman
He started off his carrier in Insurance in 1976 in the London market

with two of the leading insurance brokers of UK, Launds Lambert
and Willis Faber & Dumas. During his training he was able to attend
the in-house insurance courses organized by them and Chartered
Insurance Institute UK.
Insurance Company of North America (INA) (Presently Chubb

Insurance Co), (1979-1983)
He worked at following INA offices, Head Office in Philadelphia

USA, Regional Office London, UK and Regional Office for Middle
East and Africa.
Silver Star Insurance Company Limited (SSICL) (1984 to 2003)

In December 1983 he moved back to Pakistan and started working
on the licensing requirements of the company. He established
Silver Star in 1984 and was appointed as Chief Executive Officer
of the Company. His tenure successfully ended with SSICL in 2003
in the capacity of Vice Chairman.
Pakistan Reinsurance Company Ltd., (PRCL) (2003 to 2006)

He joined PRCL as an Executive Director, in 2003. He was given
dual charge as ED Planning and Development Division and Director
in-charge of ECO Reinsurance Pool.
United Insurance Co. of Pakistan Ltd. (UIC) (2007 to Present)

In 2007 Rahat joined United Insurance Company of Pakistan Ltd
as an Executive Director. He performed various executive duties
at different level of the company. In the year 2011 Rahat became
Advisor to the Chairman of UIC.
In March 2012 he was appointed Chief Executive of UIC and as

Director of the Board & President of United Track.
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SYED KAZIM HASAN
Senior Vice Chairman
More than 30 years of experience in the insurance industry of

Pakistan. Started his career with A.F. Fergusons (Price Waterhouse
Coopers - Pakistan) and joined Royal Sun Alliance insurance in
1986. Later joined Commercial Union (now AVIVA) in 1990 and
worked through 2002. He was instrumental in the acquisition of
Jupiter Insurance by TPL Group and established Pakistan's first
direct insurance company; TPL Insurance Limited.
Under his tenure as key management personnel, TPL Insurance

has ascended from 34th position under auto insurance to 3rd
position in 2016 with an average growth of over 32%. With his
experience and insight in insurance industry and dedication to
customer services, the company has over 150,000 retail / micro
customers and has won brand of the year award for last 8
consecutive years and is currently rated A+ by PACRA. Achieving
great success on the personal lines business, he is now leading
the launch of Property and Marine business at TPL Insurance.
He has worked on many cross functional assignments including

Finance, Underwriting, Claims, Reinsurance, Risk Management,
IT and HR. He has also handled special projects viz. due diligence,
company formation and listing and also served as Board Member
of TPL Insurance. He has made various contributions to the
insurance fraternity and IAP as member of executive committee
and has written articles in Financial Times UK, Dawn and other
publications. He is an MBA in Finance and Public Accountant.
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MR. SHABBIR GULAMALI
Vice Chairman
Mr. Shabbir Gulamali is affiliated with Habib Insurance Company

Limited (HIC) since 1999. He joined as its Chief Financial Officer
& Company Secretary. During his tenure he was involved in the
various departments of the Company and is presently the Chief
Executive Officer.
He is a Fellow member of the Chartered Association of Certified

Accountants. UK (FCCA) and has over thirty years of experience
in the fields of business consultancy, finance, corporate and
secretarial affairs. He started his career with KPMG Peat Marwick
Pvt. Limited, Management Consultancy.
Currently, he represents HIC on the Executive Committee (EC) of

the Insurance Association of Pakistan (IAP) as Vice Chairman for
the year 2017-18 and has also served as a Member of the EC for
the years 2006-07 till 2009-10 and 2011-12 till 2012-13. He is also
served as a member of the Taxation & Legislation Committee of
IAP for the years 2003-04 till 2012-13 and 2015-16 to date.
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MR. FARRUKH ALEEM
Member
Mr. Farrukh Aleem has done his Master in Business Administration

from the well reputed university. After completing his studies, he
joined Security General Insurance Company and served the
Company in various capacities and ranks. He has a rich experience
of 14 years in underwriting, reinsurance, claims settlements,
marketing and accounting. He is currently serving as CEO of
Security General Insurance Company Limited since 2016. He also
served as a member of council of Lahore Insurance Institute for a
term 2015-2016.
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MR. IHTSHAM UL HAQ QURESHI
Member
Mr. Ihtsham ul Haq Qureshi, B.Sc (Eng.) (Prince Henrick Medal of

Honor by the Royal Kingdom of Denmark) is the Chief Executive
of Asia Insurance Company Ltd. He enjoys very good reputation
in the business community and he is Chairman of the following
Companies as well:-
· C Soft (Pvt) Limited, Falcon Engineering Services,

Omega Project Management & Consulting (Pvt.)
Limited
Mr. IHTSHAM UL HAQ QURESHI after graduating from UET Lahore

with a BSc. Electrical Engineering in 1973was employed by Ameejee
Valleejee & Sons, an engineering company. After serving there for
some years, he moved on to BBC and finally, to Pak Elektron.
In 1985, sensing a shift in Pakistans economy towards privatization,

Mr. IHTSHAM UL HAQ QURESHI set up Falcon Engineering Services
with the aim of bringing the best of European technology to Pakistan.
Years later, this was followed by the founding of Indus Insurance,

its merger with Asia Insurance and their buyout of the other
shareholders in 2007.
In 2007 he was elected as Chairman of Board of Directors of Asia

Insurance Company and he was also serving as Chief Executive
Officer of Asia Insurance Company. Later on after separation of
two designations in 2015 he was appointed as Chief Executive
Officer of Asia Insurance Company. In his leadership Asia Insurance
Company Limited is quoted one of the fastest growing Insurance
Company of Pakistan.
He opened new avenues in the company like Agri and Livestock

Insurance, Travel and guarantees Insurance, Group and Corporate
Health Insurance and also launched Asia Window Takaful
Operations. Due to this business portfolio of the company enhanced
which resulted in expansion of work force of the company. Expanded
operation of the company in all major cities of the country including
Azad Jammu and Kashmir.
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MS. LILLY R. DOSSABHOY
Member
Ms. Lilly R. Dossabhoy is affiliated with Jubilee Life Insurance

Company Limited (JLI) as its Chief Financial Officer since 2015.
She is a Fellow member of the Institute of Chartered Accountants

of Pakistan, and is also accredited as a Certified Director from the
Pakistan Institute of Corporate Governance. She has over twenty
years of experience in the fields of finance, accounting, budgeting,
taxation, audit, corporate, and secretarial affairs.
Prior to appointment in JLI, she was associated with Atlas Asset

Management Limited, an Atlas Group Company, as its Chief
Financial Officer & Company Secretary, which managed open
ended and closed end mutual funds, as well as voluntary pension
schemes. She commenced her career from A. F. Ferguson & Co.,
Chartered Accountants, Karachi, a member firm of PriceWaterhouse
Coopers, from where she qualified and thereafter obtained post
qualification experience in both, the audit and taxation services of
the Firm.
Currently, she represents JLI on the Executive Committee of the

Insurance Association of Pakistan (IAP) as member, and has been
the Chairperson of the Life Committee of IAP for the year 2016-17.
She is also a member of the Overseas Investors' Chamber of
Commerce & Industry's Corporate & Financial Services Sub
Committee and its Taxation Sub Committee, and is a member of
the IFRS 17 Working Group of the Institute of Chartered Accountants
of Pakistan.
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MR. MAHMOOD LOTIA
Member
Mr. Mahmood Lotia is an Associate of the Chartered Insurance

Institute of UK (ACII). He started his insurance career in April 1974
then trained at the M&G Reinsurance Company, UK. From April
1977 he worked with Adamjee Insurance Company Ltd and
Commercial Union Assurance Pakistan Branch. In 1989 left for Abu
Dhabi to work with Abu Dhabi National Insurance Company. On
return to Pakistan in August 1991 joined EFU General Insurance
Ltd and currently is in-charge of the company's technical operations
including underwriting, claims and reinsurance. He is the Senior
Deputy Managing Director.
Mr. Lotia has remained associated with Insurance Association of

Pakistan in various capacities since 1980 and served on nearly all
technical committees, the Executive Committee and was the
Chairman for the year 2014-2015.
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MR. MUHAMMAD FAISAL SIDDIQUI
Member
Mr. Muhammad Faisal Siddiqui is a Master's in Business

Administration and also holds Associate from Chartered Insurance
Institute, London. Associated with Insurance industry for the last
16 years and have diversified experience in working with life, general
and regulator. He served as CEO of National Assets Insurance
Limited and was also the Deputy Director in Securities and Exchange
Commission of Pakistan.
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MR. NAIM ANWAR
Member
A veteran Insurance professional with a vast experience of more

than 3 decades in the insurance industry in the fields of Sales &
Operations, Re Insurance, Underwriting & Claims and Risk
Management. Mr. Naim holds the portfolio of Managing Director
& CEO of Crescent Star Insurance Limited. He also heads the
group's various subsidiaries in its Food Franchises, Retail Luxury
Brand Outlets and is Chairman of Board of Directors of Dost Steel
Ltd.(DSL).
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MR. S SHAHID ABBAS
Member
Mr. S Shahid Abbas is a Graduate and a Fellow member of the

Institute of Chartered Accountants of Pakistan.
He has around 36 years of experience in the field of Finance,

Accounts, Taxation, Budgeting, Investments, Audit and Corporate
Affairs. He is currently associated with EFU Life Assurance Limited
as Executive Director and Chief Financial Officer. He had joined
the Insurance Industry in 1994, prior to joining the insurance sector,
he was associated with Oxford University Press Pakistan Branch
as Head of the Accounting Function. He started his profession by
Joining Ford Rhodes Robson Morrow (now E Y Ford Rhodes)
Chartered Accounts Karachi.
He is currently member of the Executive Committee and Taxation

Committee of the Insurance Association of Pakistan and has also
served as member and chairman of the Life Committee. He is also
serving as a member on the Insurance Sub Committee of the
Institute of Chartered Accountant of Pakistan and on the working
group on IFRS 17 of the Institute of Chartered Accountants of
Pakistan.
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MR. ZEESHAN RAZA
Member
Mr. Zeeshan Raza a Cert-CII from Chartered Insurance Institute

(UK) and an MBA is currently associated with UBL Insurers Limited
as C.O.O, previously he had been associated with Habib Insurance
Company Limited as CEO. He has a diversified set of experience
of managing and leading different business functions including
Marketing, Operations, Administration/HR and IT. He also has
taught at Aga Khan University as a visiting faculty.
He is presently a member of Executive Committee (EC) of Insurance

Association of Pakistan (IAP). He was part of IAP Executive
Committee in the year 2015-16. Along with that, serves as a member
of the Accident Committee in the year 2010. He has been a Council
Member of Karachi Insurance Institute in the year 2010.
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MR. HASANALI ABDULLAH
Ex-Officio Member
Mr. Hasanali Abdullah is Chartered Accountant and Certified Director

from Pakistan Institute of Corporate Governance (PICG).
He has been associated with EFU General Insurance Limited since

1979 and is Managing Director & Chief Executive of the Company
from 2011. He is Director of EFU Life Assurance Ltd., Allianz EFU
Health Insurance Ltd., EFU Services (Private) Ltd., Tourism Promotion
Services (Pakistan) Limited (owners of Serena Hotels), Honorary
Treasurer of Aga Khan Hospital & Medical College Foundation,
Member National Committee of Aga Khan University Foundation
(Pakistan Branch) Geneva. Director of Institute of Financial Markets
of Pakistan. He has served on the Boards, Council and Committees
of various Aga Khan Development Network institutions from 1976
to 2002. He has been Director of PICG in 2011, Chairman of
Insurance Association of Pakistan for the year 2008, 2010 - 11 and
2016 - 17, Executive Committee Member of Federation of Pakistan
Chambers of Commerce and Industry for 2011 and Chairman of
Pakistan Insurance Institute 2014 - 15.
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CHAIRMANS
MESSAGE
MUHAMMAD RAHAT SADIQ
CHAIRMAN
THE INSURANCE ASSOCIATION OF PAKISTAN
Dear Members, The Taxation and Legislation Committee finalized the

budget proposals based on comments received from
I am delighted to present IAP Year Book 2017-18 which members which were forwarded to the Federal Board of
contains useful data and analysis of the insurance industry Revenue, Punjab Revenue Authority, Sindh Revenue
in Pakistan. Board and Securities and Exchange Commission of
Pakistan directly and also forwarded through FPCCI and
Our 7 life insurance companies including State Life ICAP.
Insurance Corporation posted a growth of 9.3% and
reached Rs. 188 billion (excluding Family Takaful of IAP wrote to Commissioner Insurance, SECP on the
Rs. 12 billion) of premium income in 2017 which promulgated Public Offering Regulations 2017 amended
represents almost 100% of life premium generated in till January 2018 which imposed undue constraints for
Pakistan. On the other hand, 30 Non-life member Insurance companies seeking public funding through
companies grew by 4.1% and achieved premium income initial public offerings.
of Rs. 76 billion (excluding Window Takaful of Rs. 6
billion). In February 2018 IAP addressed a letter to Mr. Miftah
Ismail, the then Advisor to Prime Minister of Pakistan
The Executive Committee, Regional Committee and on Finance, Revenue and Economic Affairs with a copy
Technical Committees worked on various issues to Chairman FBR, Chairman SECP, Member Inland
pertaining to the industry. Some important developments Revenue and the Commissioner Insurance SECP drawing
that took place during the year which are given hereunder. their attention to unjust imposed taxation on insurance
companies.
IAP has attained a memorable milestone this year and I
am pleased to announce that the Association has shifted IAP wrote to Director Insurance SECP in January 2018
its office in Karachi to its own custom built ground plus on applicability of keeping sponsor shares of Insurance
4 building called the IAP House on main Khayaban-e- companies in blocked account maintained with CDC in
Nishat in DHA Phase VI Karachi. response to comments requested on the proposal of SECP
of keeping sponsor shares in blocked CDC account and
IAP representatives met the Punjab Government Area opposed the proposal.
Yield Insurance pilot program team including World
Bank consultants. A pilot crop insurance has been rolled This year the IAP announced to celebrate Sixth "Insurance
out and the insurance companies have been engaged in Day" on the 5th April 2018. The Day commenced with
the program. the publication of special supplements on insurance in
the leading newspapers followed by several events
IAP Executive Committee met Mr. Shakeel Ahmed throughout the week. IAP would like to thank all the
Mangnejo, CEO PRCL and his team at IAP House where members who sponsored the event and participated in
matters of quarterly bordereaux submission among others Insurance Day activities.
were discussed.
It was an honor to serve as Chairman IAP. I acknowledge
In July 2018 IAP wrote to Commissioner Insurance the support and assistance of the Executive Committee,
SECP reference to observations made after promulgation Technical Committees and other Committees of IAP, the
of "Credit and Suretyship (Conduct of Business) Rules, Secretary General, Officers and Staff of the Association
2018". at Karachi and Lahore for their hard work and
commitment.
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SIZE OF
INSURANCE MARKET
Size of Insurance Market of Pakistan for 2017
(Including public sector)
Conventional Business
Life Insurance
Number of companies .......................................................................................... 07
Gross Premium Written ................................................................. PKR 188 billion
Premium to GDP ratio ...................................................................................0.60 %
Non Life Insurance

Gross Premium Written ................................................................... PKR 76 billion
Premium to GDP ratio..................................................................................... 0.24%
Takaful Business
Family Takaful Operators
Gross written Contribution .............................................................. PKR 10 billion
Contribution to GDP ratio ............................................................................. 0.03%
General Takaful Operators

Gross written Contribution ................................................................ PKR 1 billion
Contribution to GDP ratio ............................................................................. 0.00%
Window Takaful Business

Window family takaful companies
Gross Contribution.. ..................................................................... PKR 12 billion
Premium to GDP ratio. ................................................................................ 0.04 %
Window General Takaful Business

Gross Contribution.. ....................................................................... PKR 6 billion
Premium to GDP ratio. ............................................................................... 0.02 %
Total Premium written by Conventional .................................................264 billion
(Life & None Life) Insurance Companies
Total contribution written by Takaful ........................................................11 billion
(Family & General) Operators.
Total contribution written by Window Takaful .........................................18 billion
(Family & General) Operators
Total ....................................................................................................... 293 billion
GDP ratio of total business ....................................................................... 0.92 %
Reinsurance
Pakistan Reinsurance Company Limited (PRCL)
Premium (Non-Life conventional only) Written ............................... PKR 8 billion
Premium to GDP ratio ................................................................................... 0.03%
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EXECUTIVE, REGIONAL &
TECHNICAL COMMITTEES
ACTIVITIES
SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE
EXECUTIVE COMMITTEE
Sitting from Left to Right:

Mr. Ihtsham Ul Haq Qureshi, Mr. Hasanali Abdullah (Ex-Officio Member), Mr. Muhammad Rahat Sadiq (Chairman),
Mr. Mahmood Lotia & Ms. Lilly R. Dossabhoy
Standing from Left to Right:

Mr. S. Shahid Abbas, Mr. Zeeshan Raza, Mr. N.A. Usmani (Secretary General),
Mr. Naim Anwar, Mr. M. Faisal Siddiqui, Mr. Shabbir Gulamali (Vice-Chairman),
Syed Kazim Hasan (Senior Vice-Chairman) & Mr. Farrukh Aleem
l IAP representatives met the Punjab Government insurance program.

Area Yield Insurance pilot program team
including World Bank consultants at EFU House The pilot project is being conducted in three
in Karachi on 26 February 2018. The Punjab districts of Punjab. Rice & Maize crops are
Government team presented the program and provided insurance coverage in the pilot phase.
its features where the objective was to provide Rs.200 million have been allocated by the Punjab
farmers with crop yield insurance if the yields Government. Out of these allocated funds,
drop below 80%, a pilot has been rolled out and insurance coverage to about 54,000 farmers,
the insurance companies are responsible for covering 137,642 acres of land, will be provided.
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Successful completion of pilot project and to negotiate with PRCL to accept top 10 risks
recommendations of the Steering Committee and top 10 claims from insurance companies
may lead to full scale execution of insurance each quarter to be declared in the bordereaux.
scheme in 36 districts of the Punjab in next
financial year 2018-19. l In July 2018 IAP wrote to Commissioner
Insurance SECP reference to observations made
The World Bank consultants briefed the after promulgation of "Credit and Suretyship
companies on the risk assessment tool developed (Conduct of Business) Rules, 2018" through
by the World Bank to help underwriters. S.R.O. 696 (I)/2018. The decision was made at
an emergent meeting of the Executive Committee
l IAP Executive Committee met Mr. Shakeel members where the representatives of the
Ahmed Mangnejo, CEO PRCL who was industry reviewed the effects of these rules on
accompanied by Mr. Jamil Ahmed CFO PRCL normal and efficient conduct of insurance
and Mr. Muhammad Junaid Moti at IAP House business particularly Rule 4(2) of the SRO. IAP
on 17 April 2018. through the letter argued on this rule which
requires insurance companies to procure
The CEO PRCL assured the EC that PRCL is collateral amounting to not less than 80% of
always available to assist and facilitate the their net retention and is detrimental to healthy
industry. He stated that historically companies growth of insurance industry due to the fact that
have been reluctant to do business with PRCL, net retention of each insurance company varies,
however for the past 6 years PRCL has made so does the capacity to write bonds, therefore
several improvements and now being a there will be no standard practice in the market.
commercial entity they want to expand their
treaty business. He specified some issues they l The Taxation and Legislation Committee
have been facing with the insurance companies. finalized the budget proposals based on
comments received from members which were
The Committee suggested PRCL to develop forwarded to the Federal Board of Revenue,
proportional treaty products for small and Punjab Revenue Authority, Sindh Revenue Board
medium sized insurance companies, where PRCL and Securities and Exchange Commission of
can take the lead. PRCL representatives informed Pakistan directly and also forwarded through
that they are now looking into commercial FPCCI and ICAP.
viability and are offering 80-100% negotiable
proportional treaties. l In May 2018 IAP wrote to Commissioner
Insurance, SECP on the promulgated Public
Another meeting was held on 10th May 2018 at Offering Regulations 2017 amended till January
PRCL's Karachi office where the IAP proposed 2018 which imposed undue constraints for
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Insurance companies seeking public funding security.
through initial public offerings.
IAP also requested to kindly address the taxation
IAP contested the limitations posed on the issues of the insurance industry by withdrawing
grounds that both globally and locally the the taxation measures taken in the Finance Act
breakeven point for insurance companies, 2016.
especially Life Insurance Companies, is around
5 to 8 years. l IAP wrote to Director Insurance SECP in January
2018 on applicability of keeping sponsor shares
Keeping in view the nature of business that of Insurance companies in blocked account
requires gestation period IAP recommended the maintained with CDC in response to comments
Commission to remove the conditions as given requested on the proposal of SECP of keeping
in clause 3(i), 3(ii) and 3(iv) for Insurance sponsor shares in blocked CDC account and
Companies, giving them a level playing field opposed the proposal.
for companies which are already in operations
and those entering as green field projects. l Association has moved its office in Karachi to
the IAP House a custom built ground plus 4
l In February 2018 IAP addressed a letter to Mr. building on main Khayaban-e-Nishat in DHA
Miftah Ismail, Advisor to Prime Minister of Phase VI Karachi. The building is easily
Pakistan on Finance, Revenue and Economic accessible from major business hubs of the city
Affairs with a copy to Chairman FBR, Chairman and yet remains clear of the traffic / hustle bustle
SECP, Member Inland Revenue and the of the city.
Commissioner Insurance SECP drawing their
attention to insurance companies currently taxed l This year the IAP announced to celebrate Sixth
at 30% on all sources of income unlike other "Insurance Day" on the 5th April 2018. The
sectors which are taxed at 15% on dividend member companies overwhelmingly celebrated
income and variable rates of tax on capital gains the Insurance Day by participating in the
that take into account holding period of the activities.
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SUMMARY OF THE ACTIVITIES OF REGIONAL COMMITTEE NORTH
REGIONAL COMMITTEE NORTH

Mr. Muhammad Khurshid (Secretary), Syed Daood Ali Shah (Ex-Secretary), Mr. Naeem Uddin, Mr. M. Rashid Awan,
Mr. Muhammad Ikran, Syed Imran Rabbani (Chairman RCN),
Mr. Satwat Mahmood Butt (Vice-Chairman, RCN),
Mr. Muhammad Hisham and Syed Irtiza Abbas Kazmi
The following educational/study After the preliminary rounds, four teams reached
programs/activities were successfully conducted the semifinals level. The semifinals were played
by RON Adamjee Insurance vs United Insurance and
TPL vs Asia Insurance. United Insurance and
l The Association's Surveyor inspected 8 risks of Asia Insurance reached the final.The final match
textile and garments units etc. in Punjab. was won by United Insurance and prizes were
distributed among the winners.
l The Regional Committee organized a cricket

tournament at the playground of Crescent Model l IAP celebrated 6th Insurance Day in Pakistan
Higher Secondary School and EME D.H.A on 5th April, 2018. In this connection the
Sector. Regional Committee planned various programs
to enhance the insurance awareness amongst
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general public and to uplift the image of the important features and coverage of Liability
industry as a whole. The major activities included Insurance.
radio programs on different stations, SMS
Campaign for public awareness, Seminars at l A visit to Atlas Honda Motorcycle Plant,
Lahore & Islamabad on different topics and Sheikhupura was arranged by the Regional
banners installed at prominent places of Lahore Committee on 9th May, 2018. The plant
city. management welcomed the insurance companies
representatives and during the visit the
Seminars on different topics were held, the first participants received a comprehensive briefing
started at 10:00 a.m. in the Auditorium of Hailey about the manufacturing and assembling of
College of Banking & Finance (HCBF). About Honda motorcycles at the facility. The
180 students of MBAs & IRM from Hailey participants found the visit educational and
College of Banking & Finance and informative, they thanked the management for
representatives of Insurance Companies their time and hospitality.
participated in this event.
The Rawalpindi/Islamabad Insurance Institute l A seminar on Marine Insurance Act-2016 was

(RIII) organized a seminar on the occasion of conducted on 15th May, 2018 at the Regional
Insurance Day at Grand Ambassador Hotel Office. The seminar was conducted by Mr.
Islamabad on 18th April, 2018. Mr. Abdul Zulfiqar Ali Khan of EFU General Insurance
Waheed, CEO of Askari General Insurance was Ltd., Lahore, which was appreciated by the
the guest speaker. The session highlighted participants.
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SUMMARY OF THE ACTIVITIES OF ACCIDENT COMMITTEE
ACCIDENT COMMITTEE

Syed Haider Hassan (Vice-Chairman), Mr. Imran Ahmed (Chairman), Ms. Huma Waheed and
Mr. Murtaza Barristor
Mr. Faisal Arshad, Mr. Tariq Mushtaq, Mr. N.A. Usmani (Secretary General),
Mr. M. Numan Shaikh (Suptt. Accident & Life) and Mr. Kashif Qayyum
l To update the member companies on the l Summary of Motor Insurance business

important periodical reports generated by the extracted/compiled from member companies'
IAP online claims management system, graphical annual reports was reviewed and finalized by
presentations of the reports (make wise, make the Committee and posted on IAP website.
& sub make wise and city wise) highlighting
the top-5 for the period January to December l As per market practice total loss claim is settled
2017 were shared with members. on market value or sum insured whichever is
less. Previously the basis of settlement was not
l Summary of data of snatched/stolen vehicles clearly mentioned in the Market Value Clause
fitted with tracking devices for the last five years which created ambiguity/difficulty at the time
(2013 to 2017) was reviewed and finalized by of settlement of claims with the clients.
the Committee and circulated to member
companies for information. In view of above the Accident Committee with
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the concurrence of the Executive Committee the Amendment Act was also invited and
proposed amendments in the Clause for members' requested to redraft the act segregating clearly
feedback. Further to this the amended Clause the fault based (existing law) and No-Fault
was adopted by the Committee with slight (proposed Scheme). He accordingly redrafted
modification and made available at IAP offices. the Act. There being no material change in the
scheme approved earlier by the IAP the same
was submitted to SECP.
l The Committee was informed that the cars
insured under private car insurance policy being l The Committee's attention was drawn that SECP
used commercially as taxis with 'rent-a-car' Circular No. 14 of 2013 clarifies in respect to
mobile App based services. The Committee was the Customer Due Diligence/Know Your
of the view that if the owner/insured intends to Customer (CDD/KYC) and risk profiling of
use the car for commercial/taxi purposes, this existing and new policyholders for the purpose
material fact should be shared with the of establishing their identity, directive as under:
underwriter/insurance company enabling
underwriters to do the risk pricing accordingly. "For the purposes of establishing the identity
and proof of address of a potential policyholder
The Committee therefore proposed a draft consistent with the risk profile by the insurers,
warranty namely (rent a car) Mobile Application while the procurement of the CNIC of
Based Service Warranty for Attaching in Motor policyholder shall remain the bare minimum
Policy to address the matter. Later it was adopted mandatory requirement, other documents as
and its copies made available at IAP offices. mentioned in the Annexure-I of the subject
Directive may be construed as indicative. It is
clarified that no further documentation is
l The SECP in July 2017 informed IAP that the necessary for proof of residence where the
Ministry of Law has made observations on the document of identity submitted also gives the
amendments proposed by the IAP in Section 95 proof of residence. However, an additional
of Saved Chapter VIII of the Motor Vehicle Act, document for proof of address/residence is
1939, are difficult to comprehend. The Ministry required in case the address mentioned on NIC
had requested to re-draft the proposed is not the actual/present address. Moreover, the
amendments afresh. requirement of procuring NTN shall not be
applicable in-case of non-tax paying
In this regard two meetings of IAP representatives policyholders."
the Chairman, Vice Chairman and Ex-Chairman
Accident Committee were held with SECP The Committee suggests the insurance companies
officials on 16th August 2017 wherein SECP should comply with this bare minimum
officials explained Ministry's observations. In mandatory requirement for establishing
the second meeting on 11th September 2017, customer's identity.
IAP legal advisor who previously had drafted
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SUMMARY OF THE ACTIVITIES OF LIFE COMMITTEE
LIFE COMMITTEE

Mr. Hashim Sadiq Ali, Syed Fahad Subhan (Vice-Chairman),
Mr. Muhammad Rashid (Chairman) and Mr. Muhammad Aamir
Mr. Jalal Meghani, Mr. M. Numan Shaikh (Suptt. Accident & Life),
Mr. N.A. Usmani (Secretary General) and Mr. Mohammad Asim Khan
l In August 2017, notices were served by the PRA maintaining that prior to considering the
Punjab Revenue Authority (PRA) to various application of the provisions of the Act, the
insurance companies on the subject matter. In extent of jurisdiction of the Act is to be settled
this connection M/s Deloitte had been engaged which is restricted to the province of Punjab.
to represent IAP before PRA and substantiate Further, life insurance services and services
that Life insurance agents are not liable to sales rendered by general insurance agents being
tax as per current provisions of Punjab Sales different from the services rendered by other
Tax on Services Act, 2012 and the Schedules commission agents and brokers, does not fall
therein. under the ambit of the provisions of the Act, and
therefore not taxable, and accordingly, there is
A comprehensive letter on the matter was absolutely no basis for requiring any information
addressed to the Deputy Commissioner Unit-4, for such purpose. In view of facts and legal
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grounds explained in the letter the PRA had been next year while the caretaker government will
requested to drop the proceedings initiated in defer the matter till the new government takes
this regard. office.
l The rising concerns from the industry on Therefore it was decided to reach a solution
continued imposition of SST on Corporate Health administratively when the new provincial
Insurance and soon expiring (30th June 2018) government is in office (August 2018) and keep
exemption on Life Insurance in Sindh needed the legal recourse on hold.
the Committee's immediate attention. Although
the administrative efforts made to convince l The Committee's attention was drawn that the
Sindh Revenue Board (SRB) against the Window Family/Takaful Operators accounting
imposition have kept collection enforcement regulations Financial Statement format are under
largely at bay, the ballooning SST liability from discussion at the ICAP by the working group
1 July 2013 poses a challenge for all members formed in this regard. Members of the group
writing corporate health business from Sindh from dedicated family takaful companies had
without charging SST. presented what they feel would be a better
presentation for dedicated takaful companies
l The Committee in this perspective called a joint only. Whereas for Window Takaful Operators
session with Taxation & Legislation Committee (WTO) the working group members
of IAP in March 2018 and subsequently presented recommended that the Balance Sheet should
the matter to the Executive Committee, where include a single line 'Total Assets/Liabilities of
it was decided to consider approaching the court WTO' excluding the Waqf fund.
for relief through a constitutional petition.
Preliminary discussions were held with a reputed The representatives of Life insurance companies
law firm and a draft joint case was prepared who had attended the meeting did not agree to
against SST imposition on both corporate health the suggestion as being contrary to dedicated
and life insurance. takaful companies who would be presenting
Waqf fund too.
In May 2018 IAP met officials of Deloitte in
presence of senior member representation, where The draft format under discussion at the working
they assured that the administrative efforts group would lead to Investments and
Deloitte has been making are expected to Policyholders Liability of Family Takaful not
convince the SRB in extending exemption on being reflected in the Balance Sheet. If ICAP
life insurance and possible rollback of imposition insists on showing as single line items as in
on corporate health insurance. Since the general takaful. The matter will be taken up
government is completing its term on 30 June while offering comments on the draft regulation
2018 it will not be able to make fiscal decisions notified by the SECP.
likely to impact the province's revenues in the
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l In April 2018 the ICAP sought feedback from Reporting Standard (CRS) for the automatic
IAP on IFRS 17 implementation timelines. The exchange of information with respect to
Committee was of the view that the members financial accounts.
would be in a position to advice timelines once
they understand the IFRS 17 requirements well, FBR launched the Automatic Exchange of
thereafter ICAP was requested to organize Financial Accounts Information (AEOI) portal
training sessions in this regard. for the subject reporting with an original
compliance deadline of 30 June 2018. Technical
The training session for non-life insurance challenges delayed the portal's activation to 13
companies has already been held by the ICAP July 2018 and FBR first extended the compliance
while a separate session for life insurance deadline to 15th July, later to 31st July and to
companies is expected soon. 10th August 2018. Upon IAP's request FBR
organized training sessions for companies in
l In context of better cooperation between tax Karachi and Islamabad in presence of the VIZOR
administrators across borders to improve team who developed the portal to answer any
international tax compliance, Pakistan has been technical questions the reporting companies
collaborating with the Organization for Economic might have.
Cooperation and Development (OECD). OECD
has developed the Multilateral Convention for l To include takaful business in KFD format for
Mutual Administrative Assistance in Tax life sector the Life Committee reviewed the
Matters (MAC) and its ancillary Multilateral format and advised to insert more columns for
Competent Authority Agreement on Automatic the first year, renewal, single, group life and
Exchange of Financial Account Information group health contribution. Data for the year 2018
(MCAA) and a global model of Common is being collected on the revised format.
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SUMMARY OF THE ACTIVITIES OF MARINE COMMITTEE
MARINE COMMITTEE

Mr. Karim Merchant, Mr. Mohammed Sohail Nazir (Chairman), Ms. Amna Sarfraz Khan
(Vice-Chairperson) and Mr. Ghulam Mustafa Khan

Mr. N.A. Usmani (Secretary General), Mr. Muhammad Murtuza Kazi, Mr. Muhammad Naveed Fayyaz and Mr. Fawwad
l The Committee continued collection of inland website for information.

transit losses data. The data included comparison
for the past four years highlighting top 5 l The Committee continued working on the Online
commodities, concerned cities, transporters Portal for Reinsurance Market Slips, to efficiently
engaged and incident time. The comparison was address the SECP requirement from all insurance
circulated to members and uploaded on IAP companies who have any risk in excess of their
website. net retention and treaty capacity, to first offer
the risk to the local insurance companies before
Data collected from members for the year 2017 approaching foreign reinsurers.
was reviewed by the Committee and circulated
to member companies and uploaded on the In this context, the SECP requires companies to
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make an offer to the local market on predefined
format. This slip is a necessary document to be Advantages of Online Reinsurance Slip
attached while applying to SECP for permission
of placing facultative reinsurance abroad and l Low cost
currently, this slip is prepared manually.
l Faster
Disadvantages of manual slips
l Secure / No chance of losing the document
l Time consuming- manual circulation of
l Would help to automatically update/amend the
reinsurance slip takes around 7 working days
structure of the form whilst maintaining
l Signed document may be lost/misplaced uniformity
l Member circulating the slip has to spare a person l Members can get the record whenever needed
for full one week to get the slip completed
l No need to fax/email the slip to members based
l High cost in terms of man hours in other cities
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SUMMARY OF THE ACTIVITIES OF MISCELLANEOUS COMMITTEE
MISCELLANEOUS COMMITTEE

Mr. Ashraf Dhedhi, Mr. Khurram Nasim Ghuman (Chairman),
Mr. Kamran Arif (Vice-Chairman) and Mr. Haider Ali
Syed Adeel Haider Rizvi, Mr. Muhammad Raza,
Mr. N.A. Usmani (Secretary General) and
Mr. Mumtaz Ali (Risk Surveyor)
l Data from life and non-life members for health premium and their claims data. IAP collects this
insurance business was collected for the year information on quarterly basis.
ended 31 December 2017. The summary was
circulated to member companies for information l Data of Crop and Livestock Business collected
and posted on IAP website. The summary from members for the year ended 31 December
presents findings classified into inpatient (non- 2017 was reviewed by the Committee and
maternity), inpatient (maternity) and outpatient circulated to member companies for information
coverage by life and non-life insurance and posted on IAP website. IAP collects this
companies against the lives covered, gross information on quarterly basis.
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l The Committee has taken upon itself to see available on IAP website soon.
matters pertaining the Bond/ Guarantee business
written in Pakistan among other miscellaneous l The Committee deliberated on the following
insurance businesses. Considering significant topics during its meetings and they remain under
underwriting in this area IAP added subject discussion
statistics in its portfolio of data available to
members. This data collection will serve as a l Travel Insurance
first step to better evaluate the subject business l IATA based guarantee business
and its challenges & opportunities. Data includes l Safe Deposit Boxes/ Lockers Insurance
all bond business i.e. bid bonds, performance l Plastic Card Insurance
bonds, mobilization advance bond or any other l Banker's Blanket: 24 hours armed guards vs no
bond/ guarantee. physical guard security
l Bancassurance
Data collection started from the first quarter of l Bond/ Guarantee business including Credit and
2018 and the summary reports will be made Suretyship (Conduct of Business) Rules 2018
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SUMMARY OF THE ACTIVITIES OF PROPERTY COMMITTEE
PROPERTY COMMITTEE

Mr. Tariq Mehmood Awan, Capt. Zubair Hussain Qureshi (Vice-Chairman),
Mr. Kamran Arshad Inam (Chairman) and Mrs. Shaheen H. Sumar,
Mr. N.A. Usmani (Secretary General), Mr. Azfar Arshad,
Mr. Rizwan Akhtar and Mr. Faisal Khan
l The committee reviewed quarterly and annually 2018 and onwards.

compiled fire portfolio for the significant
industrial sectors. The consolidated datasheet l Reviewed five years comparison of Key
for the year 2017 was finalized by the committee information (Fire & Property damage) based
and uploaded on IAP website. upon Members' financial reports with 2017 to
see year wise position of the industry at a glance
The Committee while noting that Engineering regarding property damage. The results of the
related figures were not reflected in the property year 2017 were merged in the datasheets showing
insurance business portfolio properly, revised figures from year 2012 to 2017 and uploaded
the format showing Fire and Engineering on IAP website. The data highlights loss ratio
segments separately. The datasheet was sent to of insurance industry in terms of Gross Premium
the IAP members to collect data for first quarter Earned Vs Gross Claims Expenses and Net
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Premium Revenue Vs Net Claim Expenses. in coordination with IAP Risk Surveyor Engr.
Mumtaz Ali. The system was designed to put
l Following to introduction of Rule 58 of the off fires instantly taking place at most fire prone
Insurance Rules 2017, the Committee decided areas (Blow room, cotton godowns and cotton
to align premium payment clause with Rule 58. yard). The suggested system was aimed to
The committee held couple of sessions with IAP provide water showering at initial fire stage.
legal advisor and finalized the amended version.
After Executive Committee's approval the The Executive committee approved the proposal
reworded clause was circularized among the and suggested to send it to IAP members in
member companies for implementation. advisory capacity who may share the same with
their clients for implementation. Accordingly, a
l The Committee's attention was drawn towards detailed presentation showing concept, drawings
increased use of Pre-engineered Building and contractor's detail was circulated to the IAP
Construction and its associated challenges in members.
underwriting. This type of construction presents
varying risks; it is also highly dependent on the l Following risk inspections were carried out
safety measures taken (protective coatings against during July 2017 to June 2018 for risks located
rust, sprinklers and other fire safety measures) at Sindh and Balochistan provinces:
to secure the structure.
Textile Mills 10
Deliberations are underway to assist the industry Ginning Factories 32
in better evaluating this type of construction and Pharmaceutical 02
guidelines are expected to be circulated among Packages industries 03
members. Engineering industries 02
Warehousing Facilities 04
l Considering sensitivity of the fire losses at Textile Food industries 02
mills, more particularly spinning mills, the Soap & Deterging Factories 03
committee worked out a simpler fire protection Miscellaneous 03
system Water Deluge system for Spinning mills Total 61
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MARKET OVERVIEW
OF
NON LIFE
INSURANCE INDUSTRY
IN
PAKISTAN
NON LIFE INSURANCE PRIVATE SECTOR
BALANCE SHEET PROFIT AND LOSS ACCOUNT
as at 31st December 2017 2016 2015 2014 for the year ended 31st December 2017 2016 2015 2014
(PKR in million) (PKR in million)
Equity Revenue Account
Net Premium Revenue 48,271 35,855.47 32,072.48 28,601.22
Premium Deficiency reversal/(expense) 125 11.81 5.70 (2.74)
Issued, Subscribed & Paid up Capital 27,358 20,776 20,151 18,699 Less: Net Claims (25,566) (18,269.07) (15,601.78) (14,532.81)
Reserves and Retained Earnings 57,716 49,986 58,219 50,977
85,074 70,761 78,370 69,676
Surplus on revaluation of fixed assets - 342 1,816 1,818 Less: Expenses (12,156) (8,848.10) (8,115.89) (7,403.15)
Adv.Agst issue of right shares 250 - - -
Underwriting Provisions Less: Net Commission (4,670) (2,564.00) (2,143.82) (2,006.25)
Provisions for Outstanding Claims (including IBNR) 37,914 27,256 21,753 21,712 Underwriting Balance 6,004 6,186.11 6,216.70 4,656.28
Provision for Unearned Premium - Net 38,050 30,047 26,166 24,323
Commission Income Unearned 2,164 188 1,647 1,511 Investment Income 9,158 9,061.57 8,772.96 7,431.52
Additional Provision for Unexpired Risk 64 1,540 26 21
Total 78,191 59,031 49,592 47,568
Rental Income 352 265.82 389.19 263.59
Deferred Liabilities 3,167 842 493 454 Exchange Gain 106 (17.02) 6.19 -
Liability against Finance Lease 2 76 31 - Other Income 2,383 1,416.22 3,442.60 1,341.00
Creditors and Accruals 22,540 17,926 18,025 15,570 Finance Charges 32 (14.98) (44.71) -
Surplus of Fix Assets/Short Term Finance 1,675 1,678 - - General and administration expenses (2,839) (2,627.05) (3,362.66) (3,239.96)
Other Liabilties 5,914 3,999 3,401 3,073
Total Equity and Liabilities 196,813 154,656 151,728 138,159 Profit Before Tax 15,194 14,270.66 15,420.26 10,452.42
Cash and Bank Deposits 21,751 14,866 11,112 11,490 Taxation 4,947 3,795.19 2,436.83 1,309.13
Loans - Secured Considered Good 369 114 183 361
Investment 82,296 71,299 78,728 69,228 Profit After Tax 10,248 10,475.47 12,983.43 9,143.29
Investment Properties 1,545 999 1,493 1,720
APPROPRIATIONS
Deferred Tax 229 212 294 294 Balance unappropriated profit at end
of previous year 24,244.45 33,289.03 27,080.75 22,308.22
Reinsurance Recoveries Against Profit after tax for the year 10,248 10,475.47 12,983.43 9,143.29
Outstanding Claims 21,024 17,678 13,881 13,598 Dividend 6,514.23 4,236.47 4,200.00 2,860.90
Deferred Commission Expense 3,790 2,669 2,368 2,258 Reserve for Bonus share 680 1,127.85 778.71 392.37
General Reserve 1,051 2,761.10 1,796.44 1,107.13
Other Assets 56,520 39,049 35,899 32,515 Other 1,131.10 221.32 0.00 10.36
Capital Work Sub Total 9,377 8,346.74 6,775.15 4,370.77
Fixed Assets 8,997 7,498 7,567 6,620
Leased Assets 292 271 203 74 Balance Unappropriated profit at end of year 25,115.48 35,417.77 33,289.03 27,080.75
Negative Goodwill
Total Assets 196,813 154,656 151,728 138,159 UNDERWRITING RATIOS

Claims incurred to net premium (52.96) (50.95) (48.65) (50.81)
Net Profit to net premium 21.23 29.22 40.48 31.97
BALANCE SHEET RATIO Management expenses to net premium (25.18) (24.68) (25.30) (25.88)
Net Working Capital (Rs.) 32,926 22,411 17,714 17,248 Commission to net premium (9.68) (7.15) (6.68) (7.01)
Current Ratio 1 1 1 1 Earning per share of Rs.10/= each 3.75 5.04 6.44 4.89
Total Assets/Net Worth 2 2 2 2 Cash Dividend 6,514.23 4,236.47 4,200.00 2,860.90
Break up Value 31 34 39 37 Stock Dividend 679.85 1,127.85 778.71 392.37
Balance Sheet Growth Equity Growth Claims Incurred Net Premium Underwritten
250000 100000 30000 60000
200000 25000
20000 40000
150000
50000 15000
100000 20000
10000
50000 5000
0 0 - 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations
85000 25000 14,000 10,000
80000 20000 12,000 8,000
10,000
75000 15000 8,000 6,000
70000 10000 6,000 4,000
4,000
65000 5000 2,000 2,000
60000 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
Note: The amounts on y-axis represent Rs. in millions.
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MARKET OVERVIEW
OF
LIFE
INSURANCE INDUSTRY
IN
PAKISTAN
LIFE INSURANCE PRIVATE SECTOR
Balance Sheet (PKR in million)
as at 31st December Statutory Fund
Share Individual Conventional Pension Family Accident Aggregate Aggregate Aggregate Aggregate
holders Unit (including (Unit Accident Family Takaful & Health
Fund Linked Group Life) Linked) & Health Takaful Protection Family 2017 2016 2015 2014
Fund Fund Business Takaful
Share Capital and Reserves
Authorised Share Capital 11,950 - - - - - - - 11,950 11,550 6,100.00 5,600.00
Issued, subscribed and paid up Share Capital 7,716 - - - - - - - 7,716 7,463 3,750.97 3,750.97
Reserves & Retained Earnings 8,395 - - - - - - - 8,395 7,467 3,619.32 3,663.06
Net Shareholders' Equity 16,111 - - - - - - - 16,111 14,930 7,370.29 7,414.03
Balance of statutory fund - 232,369 716,160 584 4,176 8,480 114 82 961,964 845,248 130,391.24 124,202.81
Deferred Liabilities 136 - - - - - - - 136 138 15.71 13.73
Creditors and Accruals 1,297 6,870 44,448 80 3,372 1,143 116 25 57,352 51,557 7,133.36 6,841.16
Other Liability 1,610 12 2 - 2 3 - - 1,629 18 0.00 0.00
TOTAL LIABILITIES 3,043 239,252 760,610 664 7,550 9,626 231 106 1,021,081 896,960 137,540.31 131,057.70
TOTAL EQUITY & LIABILITIES 19,154 239,252 760,610 664 7,550 9,626 231 106 1,037,193 911,890 144,910.61 138,471.73
Cash and Bank Deposits 1,539 41,230 38,000 76 1,568 3,593 159 27 86,191 65,629 14,834.19 14,113.88
Loans 1,000 37 76,858 - 0 - - - 77,896 63,900 226.07 215.93
Investments (Net) 8,690 191,870 591,794 490 4,935 5,881 59 50 803,769 721,176 121,733.39 116,136.14
Investment in properties - 638 3,185 - - - - - 3,823 2,975 0.00 0.00
Deferred Taxtation - - - - - - - - - - 0.00 0.00
Other Assets 3,434 4,112 50,397 99 985 152 12 30 59,221 54,652 6,408.13 6,305.40
Tangible assets 4,156 1,365 375 - 62 - - - 5,958 3,328 1,620.55 1,620.03
Intangible assets 335 - - - - - - - 335 232 88.27 80.44
TOTAL ASSETS 19,154 239,252 760,610 664 7,550 9,626 231 106 1,037,191 911,890 144,910.60 138,471.81
ASSETS AT MARKET VALUE - - - - - - - - - - 0.00 0.00
BALANCE SHEET RATIOS
Net Working Capital - - - - - - - - 165,956 132,624 14,335 13,794
Current Ratio - - - - - - - - 4 4 3.01 3.02
Total Assets / Net Worth - - - - - - - - 64 61 20 19
Break -up Value - - - - - - - - - - - -
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Revenue Account (PKR in million)
for the year ended 31st December Statutory Fund
Individual Conventional Pension Family Family Accident Aggregate Aggregate Aggregate Aggregate
Unit (including (Unit Accident Takaful Takaful & Health
Linked Group Life) Linked) & Health Fund Protection Family 2017 2016 2015 2014
Fund Business Takaful
Net Premium Income 76,386.58 102,350.47 93.45 7,376.12 10,177.79 179.22 129.58 196,693 169,156 72,176.70 46,237.27
Net Investment Income (9,151.81) 69,341.91 45.83 346.08 (85.20) 76.56 2.53 60,576 99,369 17,188.74 19,051.44
Other Income 37.18 517.41 0.53 1.12 7.23 0.00 0.00 563 492 0.00 0.00
Total Net Income 67,271.95 172,209.79 139.80 7,723.32 10,099.82 255.78 132.11 257,833 269,017 89,365.44 65,288.71
Net Claims 28,994.87 45,791.76 47.71 5,655.71 551.23 76.09 89.41 81,207 71,720 20,413.74 14,560.20
Net Management Expenses 16,566.56 31,662.59 4.46 1,087.35 3,827.41 122.36 41.07 53,312 45,794 16,286.70 13,101.87
Total claims and expenditures 45,561.43 77,454.35 52.17 6,743.06 4,378.65 198.45 130.48 134,518.58 117,513 36,700.43 27,662.07
Excess of Income over Claims and Expenditure 21,710.52 94,755.44 87.63 980.26 5,721.17 57.33 1.62 123,314 151,503 52,665.01 37,626.64
Add : Policyholder Liabilities at Beginning of Year 211,955.72 595,554.68 271.49 824.42 2,630.05 9.11 16.52 811,262 671,605 120,439.98 86,892.64
Less : Policyholder Liabilities at End of the Period 228,425.96 683,889.52 320.64 1,185.84 8,026.12 36.02 36.31 921,920 811,261 145,510.29 120,440.23
Surplus/(Deficit) 5,240.28 6,420.59 38.48 618.85 325.11 30.42 (18.17) 12,655.55 11,846 5,534.51 4,079.04
Movement in policy holder liabilities 16,470.24 88,334.85 49.15 361.41 5,396.06 26.91 19.80 110,658 139,657 47,130.50 33,547.60
Transfers to or from Shareholders' Fund (5,199.57) (1,915.74) (0.26) 591.39 (254.50) (4.00) 0.00 (6,783) (6,194) (4,327.05) (2,704.82)
Capital contributed from share holders fund 116.80 40.27 0.00 4.35 (130.00) 30.00 25.00 86 181 173.50 89.90
Balance of Statutory Fund at Beginning of Year 215,740.84 623,279.55 497.20 2,600.24 3,031.65 34.54 54.91 845,239 699,805 124,203.44 89,235.97
Balance of Statutory Fund at End of the Period 232,368.59 716,159.51 584.56 4,176.24 8,368.32 117.88 81.53 961,856.62 845,239 172,714.90 124,247.70
Represented by:
Capital contributed by Shareholders' fund 743.08 673.94 56.00 1,818.57 181.20 40.00 60.00 3,573 2,875 1,699.47 1,492.32
Policyholders' liabilities 228,425.95 683,889.52 321.64 1,185.84 8,026.12 36.02 36.31 921,921 811,261 167,569.32 119,922.66
Retained earnings on other than participating business 3,199.56 31,596.05 206.93 1,171.82 254.42 38.05 (14.78) 36,452 30,578 3,446.41 2,787.82
Balance of Statutory Fund 232,368.58 716,159.51 584.56 4,176.23 8,461.74 114.07 81.53 961,946.23 845,239 172,715.20 124,202.80
REVENUE ACCOUNT RATIOS
Claims incurred to net premium 0.38 0.45 0.51 0.77 0.05 0.42 0.69 0.41 0.42 0.28 0.31
Net profit to net premium 0.07 0.06 60.92 0.77 0.00 29.43 0.00 0.03 0.03 0.04 0.09
Management expenses to net premium 0.22 0.31 0.05 0.15 0.38 0.68 0.32 0.27 0.27 0.23 0.28
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Profit and Loss Account (PKR in million)
for the year ended 31st December Aggregate Aggregate Aggregate Aggregate
2017 2016 2015 2014
Net Investment income not attributable to statutory funds 785.05 860.04 572.82 474.26
Gain / (Loss) on sale of investments 656.65 293.35 86.84 349.22
Impairment of Shares - - (27) 1
Total Investment Income 1,441.70 1,153.40 632.57 824.37
Other revenue 49.87 248.63 35.64 35.94
Total Investment Income and other revenues 1,491.56 1,402.02 668.21 860.31
Less Expenses not attributable to statutory funds (286.45) (61.91) (248.07) (185.74)
Profit / (Loss) before appropiation of surplus to shareholders fund 1,205.11 1,340.12 420.14 674.57
Add: Surplus appropiated to Shareholders fund from ledger A/C D 7,324.04 6,571.87 4,360.00 2,879.96
Profit/(Loss) before tax 8,529.15 7,911.98 4,780.14 3,554.52
Extra Ordinary Items - Deferred Tax (7.43) 5.59 (31.97) (7.57)
Profit/(Loss) before tax and after extraordinay items 8,536.58 7,906.39 4,812.11 3,562.10
Taxation (2,843.94) (2,632.48) (1,568.73) (1,150.26)
Profit/(Loss) after tax 5,692.64 5,273.91 3,243.38 2,411.84
APPROPRIATIONS
Balance at commencement of the year 6,864.59 7,593.14 3,950.29 2,948.39

Profit after tax for the year 5,692.64 5,273.91 3,243.38 2,411.84
Transfer to General Reserve (250.00) 104.80 (199.00) (250.00)
Transfer to Bonus Share (172.79) (105.00) (900.00) 0.00
Proposed Dividend (1,520.85) (1,080.45) (721.19) (1,049.79)
Right Share issued 152.12 100.00 0.00 0.00
Capital (contributed)/during the year (161.42) (63.86) (194.45) (55.03)
Capital withdran during the year 198.51 (76.00) 0.00 0.00
Balance upappropriated profit at the end of the year 10,802.81 11,746.54 5,179.03 4,005.42
PROFIT AND LOSS ACCOUNT RATIOS
Earning per share 91.64 90.01 39.26 30.15

Cash Dividend 109.80 332.37 235.00 170.00
Bonus Share 0.16 10.20 0.00 0.00
18000 90000 250000
1200000 16000 80000
1000000 14000 70000 200000
80000 12000 60000
10000 50000 150000
600000 8000 40000 100000
400000 6000 30000
4000 20000 50000
200000 2000 10000
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
900000 100000 6000 2500
800000 90000 5000
700000 80000 2000
600000 70000 4000
500000 60000 1500
50000 3000
400000
300000
40000
2000
1000
30000
200000 20000 1000 500
100000 10000
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
46
Together We Assure
COMPANY PROFILES
ADAMJEE INSURANCE COMPANY LTD
Mr. Muhammad Ali Zeb
BOARD OF DIRECTORS KEY FINANCIAL DATA FOR THE LAST TWO YEARS
Mr. Umer Mansha (PKR in million)
Mr. Fredrik Coenrard de Beer (Resigned 23rd Feb, 2018) 2017 2016
Mr. Ibrahim Shamsi
Premium written 18,522 16,270
Mr. Imran Maqbool
Net premium revenue 11,535 9,615
Mr. Muhammad Anees
Claims expense 12,417 12,248
Mr. Muhammad Umar Virk
Net claims expense 7,434 6,210
Shaikh Muhammad Jawed
Mr. Muhammad Ali Zeb Net commission / (income) 1,090 763
Management expense 1,893 1,615
Profit / (loss) after tax 1,221 3,493
COMPANY INFORMATION
VISION
Chairman : Mr. Umer Mansha
Our will is to Explore, Innovate and Differentiate.
Our passion is to provide leadership to the insurance Chief Executive Officer : Mr. Muhammad Ali Zeb
industry
Company Secretary : Mr. Tameez Ul Haque
Chief Financial Officer : Mr. Muhammad Asim Nagi
Legal Advisor : Mr. Jameel Khan
VALUES Auditors : M/s KPMG Taseer Hadi & Company
Integrity
Registered Office : 4th Floor, Tanveer Building,
Humility
Fun at workplace 27-C-III, Gulberg III, Lahore
Corporate Social Responsibility
Main Office : 2nd Floor, Tanveer Building,
27-C-III, Gulberg III, Lahore
Number of Employees : 860
48
Together We Assure
ADAMJEE INSURANCE COMPANY LTD

Equity Revenue account

Authorized share capital 3,750.00 3,750.00 3,750.00 3,750.00 Net premium revenue 11,535.00 9,615.38 7,747.39 6,303.00
Premium deficiency reversal/(expense) 121.55 50.31 (168.86) -
Issued subscribed and paid-up capital 3,500.00 3,500.00 3,500.00 3,500.00
Reserves and retained earnings 13,294.19 13,500.60 11,061.32 10,160.99 Less: Net claims 7,433.83 6,210.50 5,223.10 4,533.00
16,794.19 17,000.60 14,561.32 13,660.99
Underwriting provisions Less: Expenses 1,893.36 1,614.63 1,555.75 1,483.00
Provision for outstanding claims
(including IBNR) 11,485.74 9,475.72 6,811.20 6,246.26 Less: Net commission 1,090.05 762.58 558.00 362.00
Provision for unearned premium - net 8,912.50 7,349.51 5,928.94 5,269.85 Underwriting result 1,239.31 1,077.99 241.68 (75.00)
Additional provision for unexpired risk - 121.55 171.93 -
Commission Income unearned 240.31 236.89 213.40 231.12 Investment income 1,482.14 3,502.04 2,404.31 2,061.00
Total 20,638.55 17,183.67 13,125.47 11,747.23
Deferred liabilities 191.70 115.95 116.45 106.25 Rental income 8.56 6.45 6.34 6.00
Creditors and accruals 4,415.18 4,144.35 4,502.00 3,318.76 Other income 174.93 181.95 184.72 122.00
Other liabilities 247.53 135.34 74.79 95.42 General and administration expenses (789.18) (713.12) (628.59) (527.00)
Exchange gain 5.13 (1.67) 5.91 -

TOTAL EQUITY AND LIABILITIES 42,287.14 38,579.91 32,380.03 28,928.64
Finance charges on lease rentals
Cash and bank deposits 4,299.11 4,336.23 2,898.13 2,876.63 881.59 2,975.65 1,972.69 1,662.00
Loans - secured considered good 18.14 18.37 17.00 14.23 Profit before tax 2,120.91 4,053.64 2,214.37 1,587.00
Investments 16,618.57 16,738.44 15,393.43 13,482.06
Investment properties - - - - Provision for taxation 899.68 560.69 271.81 151.00
Deferred tax - - 83.94 97.69

Profit after tax 1,221.23 3,492.94 1,942.56 1,436.00
Reinsurance recoveries against
outstanding claims 7,709.16 6,279.43 4,090.21 3,765.86
APPROPRIATIONS
Deferred commission expense 733.63 737.28 538.27 477.30 Balance at commencement of year 12,093.77 9,652.69 8,764.05 8,126.91
Other assets 10,289.01 9,220.42 8,057.86 7,101.07 Dividend 1,400.00 1,050.00 1,050.00 787.50
Reserve for bonus share/bonus shares issued -
Fixed assets 2,619.52 1,249.74 1,301.20 1,113.80 General reserve -
remeasurement of defined benefit obligation 51.03 1.86 3.92 11.358
Leased motor vehicle 1,451.03 1,051.86 1,053.92 798.86
TOTAL ASSETS 42,287.14 38,579.91 32,380.03 28,928.64 Balance unappropriated profit at end of year 11,863.96 12,093.77 9,652.69 8,764.05
Assets at market value

Claims incurred to net premium % 64.45 64.59 67.42 71.92
Net profit after tax to net premium % 10.59 36.33 25.07 22.78
BALANCE SHEET RATIOS Management expenses to net premium % 16.41 16.79 20.08 23.53
Net working capital (Rs.) 1.38 1.44 1.32 1.42 Commission to net premium % 9.45 7.93 7.20 5.74
Current ratio 1.38 1.44 1.32 1.42 Earning per share (Rs.) 3.49 9.98 5.55 4.10
Total assets / net worth 2.52 2.27 2.22 2.12 Cash dividend 1,400.00 1,050.00 1,050.00 787.50
Break-up value 47.98 48.57 41.60 39.03 Stock dividend - - - -
50,000 20,000 8,000 14,000
7,000 12,000
40,000 15,000 6,000 10,000
30,000 5,000
8,000
10,000 4,000
20,000 3,000 6,000
5,000 2,000 4,000
10,000 2,000
1,000
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
18,000 5,000 4,000 1600
16,000 3,500 1400
14,000 4,000 3,000 1200
12,000 3,000 2,500 1000
10,000 2,000 800
8,000 2,000
6,000 1,500 600
4,000 1,000 1,000 400
2,000 500 200
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
49
Together We Assure
A L FA L A H ALFALAH INSURANCE COMPANY LTD
INSURANCE COMPANY
Mr. Nasar us Samad Qureshi
H.H. Sheikh Nahayan Mabarak Al Nahayan (PKR in million)
H.E. Sheikh Saif Bin Mohammed Bin Butti 2017 2016

Mr. Khalid Mana Saeed Al Otaiba Premium written 2,082 1,924
Mr. Nauman Ansari Net premium revenue 1,043 917
Mr. Suhail Yaqoob Khan
Claims expense 794 848
Mr. Adeel Khalid Bajwa
Net claims expense 471 493
Mr. Nasar us Samad Qureshi
Net commissions / (income) 88 (33)
Management expense 384 370
Profit / (Loss) after tax 123 129
VISION COMPANY INFORMATION
To be a leading insurer by providing most comprehensive Chairman : H.H. Sheikh Nahayan Mabarak
yet flexible cost effective risk management Al Nahayan
Solutions to our clients backed with friendly and efficient Chief Executive Officer : Mr. Nasar us Samad Qureshi
claims and enhance the Alfalah brand value for the benefit
of all stakeholders. Company Secretary : Mr. Adnan Waheed
& Chief Financial Officer
Legal Advisors : Cornelius Lane & Mufti Salahuddin,

Saif & Aslam (Attorneys at Law)
MISSION
Auditors : KPMG Taseer Hadi & Co,
We undertake to provide world class service with unmatched
Chartered Accountants
security to our clients and help in increasing awareness
about insurance in the country as well as enhancing public
confidence in the insurance industry in Pakistan. We will Registered Office : 5-Saint Mary Park, Gulberg III,
introduce new modern insurance products comparable & Main Office Lahore.
with international standards and will emerge as an innovative UAN: 111-786-234
insurer providing complete risk management solutions to Fax: (042) 35774329
the insuring public in Pakistan. Email: afi@alfalahinsurance.com
Web: www.alfalahinsurance.com
50
Together We Assure
ALFALAH INSURANCE COMPANY LTD


Authorized share capital 500.00 500.00 500.00 500.00 Net premium revenue 1,043.00 917.00 780.00 705.00
Premium deficiency reversal/(expense)
Issued subscribed and paid-up capital 500.00 500.00 500.00 300.00
Reserves and retained earnings 554.00 485.00 315.00 410.00 Less: Net claims 471.00 493.00 429.00 411.00
1,054.00 985.00 815.00 710.00
Underwriting provisions Less: Expenses 384.00 370.00 267.00 240.00
(including IBNR) 569.00 486.00 499.00 457.00 Less: Net commission 88.00 (33.00) (96.00) (96.00)
Provision for unearned premium - net 673.00 629.00 576.00 505.00 Underwriting result 100.00 87.00 180.00 150.00
Additional provision for unexpired risk - - - -
Commission Income unearned 82.00 66.00 61.00 53.00 Investment income 49.00 97.00 76.00 101.00
Total 1,324.00 1,181.00 1,136.00 1,015.00
Deferred liabilities - 0.13 2.00 5.00
Rental income - -
Creditors and accruals 718.00 664.00 430.00 442.00
Other income 30.00 23.00 2.00 4.00
Other liabilities 54.00 30.00 3.00 7.00
General and administration expenses 11.00 12.00 104.00 105.00
Exchange gain -
Cash and bank deposits 765.00 375.00 132.00 208.00 Finance charges on lease rentals -
90.00 120.00 182.00 210.00
Loans - secured considered good &
Other Receivables 34.00 27.00 10.00 4.00 Profit before tax 168.00 193.00 154.00 151.00
Investments 575.00 798.00 979.00 860.00 Profit from window takaful operation 8.00 2.00 - -
Deferred tax 1.00 - - 6.00
Profit after tax 123.00 129.00 115.00 123.00
outstanding claims 388.00 307.00 312.00 265.00 Other comprehensive loss (income) (3.00) (2.00) (3.00) 1.00
APPROPRIATIONS
Deferred commission expense 87.00 54.00 37.00 26.00 Balance at commencement of year 281.00 153.00 259.00 135.00
Other assets 1,108.00 1,115.00 843.00 736.00 Dividend 18.00
Fixed assets 193.00 184.00 73.00 74.00 Reserve for bonus share/bonus shares issued 200.00
General reserve
Leased motor vehicle Fair Value Reserve (51.00) 52.00
(51.00) 52.00 218.00 -
TOTAL ASSETS 3,151.00 2,860.00 2,386.00 2,179.00
Balance unappropriated profit at end of year 402.00 281.00 153.00 259.00
BALANCE SHEET RATIOS Claims incurred to net premium % 45.16 53.76 55.00 58.30
Net working capital (Rs.) 920 617 355 303 Net profit after tax to net premium % 11.79 14.07 14.74 17.45
Current ratio 1.69 1.52 1.38 1.33 Management expenses to net premium % 36.82 40.35 34.23 34.04
Total assets / net worth 2.99 2.90 2.93 3.07 Commission to net premium % 8.44 (3.60) (12.31) (13.62)
Break-up value 21.08 19.70 16.30 23.67 Earning per share (Rs.) 2.46 2.58 2.30 4.10
Cash dividend - - 18.00 -
Stock dividend - - 200.00 -
4,000 1,200 500 1,200
1,000 480 1,000
3,000 460
800 800
2,000 600 440 600
420
400 400 400
1,000
200 350 200
- - 360 -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,200 1,000 135 250
1,000 800 130 200
800 125 150
600 100
600 120
400 50
400 115 -
200 200 110 (50)
- - 105 (100)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
51
Together We Assure
ALLIANZ EFU
HEALTH INSURANCE LTD
Mr. Akhtar Kurban Alavi
Mr. Saifuddin N. Zoomkawala (PKR in million)
Mr. Taher G. Sachak 2017 2016

Mr. Heinz Walter Dollberg Premium written 1,947 2,005
Mr. Rafique R Bhimjee Net premium revenue 1,228 1,286
Mr. Shahabuddin C. Subjally
Mr. Hasanali Abdullah
Net claims expense 936 1,027
Mr. Muneer R. Bhimjee
Net commission / (income) (55) (78)
Mr. Mahmood Lotia
Profit / (loss) after tax 84 151

At Allianz EFU Chairman : Mr. Saifuddin N. Zoomkawala
Our vision is to be the Company of Choice in the Healthcare
Industry of Pakistan. Chief Executive Officer : Mr. Akhtar Kurban Alavi
We will achieve this by meeting the needs of Comprehensive Operational Head : Mr. Kamran Ansari
Healthcare Services, far better than others.
Legal Advisor : M/s. Siraj Ul Haque & Co.
M/s. Lari & Co.
Auditors : M/s. KPMG Taseer Hadi & Co.
MISSION Registered & Main

Office : D-136, Block 4, KDA Scheme 5,
We believe
Clifton, Karachi-75600, Pakistan
That all segments of the society should have access to
high standards of Healthcare.
52
Together We Assure
ALLIANZ EFU HEALTH INSURANCE LTD


Authorized share capital 500 500 500 500 Net premium revenue 1,228 1,286 1,027 995
Issued subscribed and paid-up capital 500 500 300 300
Reserves and retained earnings 90 131 300 278 Less: Net claims 936 1,027 770 732
590 631 600 578
Underwriting provisions Less: Expenses 210 191 171 154
(including IBNR) 387 344 264 236 Less: Net commission (55) (78) (49) (49)
Provision for unearned premium - net 638 563 517 398 Underwriting result 137 146 135 158
Commission Income unearned 50 48 44 33 Investment income 44 111 123 101
Total 1,075 955 825 667
Deferred liabilities
Rental income - - - -
Creditors and accruals 134 120 137 87
Other income 9 10 32 28
Other liabilities 31 25 19 17
General and administration expenses (69) (51) 60 52
TOTAL EQUITY AND LIABILITIES 1,830 1,731 1,581 1,349
Exchange gain - - - -
Cash and bank deposits 40 91 68 42
Finance charges on lease rentals - - - -
Loans - secured considered good 11 1 2 2 (16) 70 215 181
Investments 773 840 910 759 Profit before tax 122 217 230 234
Investment properties - - - - Provision for taxation 38 66 58 62
Deferred tax 3 4 3 2 Profit after tax 84 151 172 172
Reinsurance recoveries against APPROPRIATIONS
outstanding claims 134 119 88 81 Balance at commencement of year 131 300 278 226
Deferred commission expense 28 22 24 19 Dividend 125 120 150 120
Reserve for bonus share/bonus shares issued - 200 - -
Other assets 785 613 449 404 General reserve - - - -
Fixed assets 56 41 37 40
125 320 150 120
Leased motor vehicle
TOTAL ASSETS 1,830 1,731 1,581 1,349

Balance unappropriated profit at end of year 90 131 300 278
Net working capital (Rs.) 1.74 1.68 1.44 1.55 Net profit after tax to net premium % 6.84 11.74 16.75 17.29
Total assets / net worth 3.10 2.74 2.64 2.33 Commission to net premium % (4.48) (6.07) (4.77) (4.92)
Break-up value (Rs.) 11.80 12.62 20.00 19.27 Earning per share (Rs.) 1.68 3.02 5.73 5.73
Cash dividend 125 120 150 120
Stock dividend - 200 - -
2,000 640 1,200 1,400
620 1,000 1,200
1,500 1,000
600 800
1,000 800
600
580 600
400 400
500 560 200 200
- 540 - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
950 100 200 350
900 180 300
80 160
850 140 250
60 120 200
800 100
40 80 150
750 60 100
700 20 40 50
20
650 - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
53
Together We Assure
lpha
ALPHA INSURANCE COMPANY LIMITED
Insurance Company Limited
A subsidiary of state life
Insurance Corporation of Pakistan
Mr. Nadeem Bessey
Mr. Mushtaq Ahmed Shah (PKR in million)
Mr. Athar Hussain Khokhar 2017 2016

Mr. Muhammad Rashid Premium Written 106 151
Mr. Mushtaq Ahmad Net Premium Revenue 80 80
Claim Expense 344 181
Net Claims Expense 89 48
Net Commission / (Income) 13 12
Profit / (Loss) after tax (60) (15)
With help and involvement of all its Stakeholders to make Chief Executive Officer : Mr. Nadeem Bessey
Alpha one of the leading General Insurance Company of
the Country with a vibrant Marketing force and efficient Chairman : Mr. Ghufran Memon
and responsive office staff, so as to provide best quality
services to its policyholders. Company Secretary &
CFO : Mr. M Ayaz Ghori
Advisors : M/s. Sajid Basheer

MISSION
Registered & Main
To work zealously towards attaining these objectives and
Office : 4th Floor, Building # 1 - B
be able to compete in the open market by developing a
State Life Square,
vibrant field force and efficient and responsive office staff.
I.I. Chundrigar Road, Karachi.
54
Together We Assure
ALPHA INSURANCE COMPANY LIMITED


Authorized share capital 510.00 500.00 500.00 500.00 Net premium revenue 79.92 79.95 63.22 90.91
Premium deficiency reversal/(expense) (4.43) (18.43) 1.21 1.85
656.35 619.90 635.31 603.30
(including IBNR) 430.99 198.99 78.39 132.19 Less: Net commission 13.12 11.69 8.19 10.61
Provision for unearned premium - net 44.06 72.29 67.28 89.74 Underwriting result (99.30) (73.17) (12.28) (42.98)
Additional provision for unexpired risk 24.04 19.61 1.18 2.38
Total 502.74 296.64 155.34 238.34
Rental income
Other income 5.05 2.69 3.18 6.33
General and administration expenses (27.11) (26.77) (27.07) (28.26)
TOTAL EQUITY AND LIABILITIES 1,322.09 1,105.53 974.48 1,029.71
Exchange gain
Cash and bank deposits 133.05 97.32 33.15 64.32
Loans - secured considered good 31.70 54.12 53.41 66.04
Investments 657.96 636.39 654.63 614.69 Profit before tax (67.60) (19.05) 41.13 23.06
Investment properties
Provision for taxation (7.75) (3.58) 9.46 3.55
Deferred tax 38.68 29.40 23.94 23.21
Reinsurance recoveries against Profit after tax (59.85) (15.47) 31.67 19.51
outstanding claims 325.79 137.40 33.66 48.85
APPROPRIATIONS
Other assets 154.22 184.46 206.74 246.17 Dividend
Fixed assets 5.22 7.36 10.41 13.84 Reserve for bonus share/bonus shares issued
General reserve
- - - -
TOTAL ASSETS 1,322.09 1,105.53 974.48 1,029.71
Net working capital (Rs.) 1.032 1.080 1.043 1.122 Net profit after tax to net premium % (74.89) (19.35) 50.09 21.46
Total assets / net worth 2.01 1.78 1.53 1.71 Commission to net premium % 16.42 14.62 12.95 11.67
Break-up value 13.13 15.36 15.74 14.95 Earning per share (Rs.) (1.20) (0.38) 0.78 0.48
Cash dividend - - - -
Stock dividend - - - -
1,400 670 100 100
660
1,200 650 80 80
1,000 640
800 630 60 60
620
600 610 40 40
400 600
590 20 20
200 580
- 570 - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
670 140 40 1
660 120 20
650 1
100 -
640 80 1
630 (20)
620 60 0
40 (40)
610 0
600 20 (60)
590 - (80) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
55
Together We Assure
ASIA INSURANCE COMPANY LTD.
asiaINSURANCE
Company Ltd.
Weve Got You Covered
Mr. Ihtsham Ul Haq Qureshi
Mr. Khawaja Suhail Iftikhar (PKR in million)
Mr. Ihtsham Ul Haq Qureshi 2017 2016

Mrs. Nosheen Ihtsham Qureshi Premium written 659 540
Mr. Zain Ul Haq Qureshi Net premium revenue 528 420
Mr. Khalid Rashid
Mr. Hassan Ahmed Khan
Net commission / (income) 92 82
Asia Insurance Company Ltd. aims to be an ideal Insurance Chairman : Mr. Khalid Rashid
Company with a large equity base; To provide more
opportunities and options for utilization of funds and to Chief Executive Officer : Mr. Ihtsham Ul Haq Qureshi
increase profitability through economies of scale, better
resource mobilization and reduction in operational cost;
To achieve this while providing better service to our clients Company Secretary : Ms. Shazia Hafeez
and stakeholders.
Chief Financial Officer : Mr. Muhammad Ali Raza
Legal Advisor : Barrister Munawar-us-Salam

Cornelius, Lane & Mufti,
MISSION Advocates and Solicitors
Provide excellent services by way of best risk management
Auditors : Ilyas Saeed & Company
and hassle-free settlement of claims through a nation-wide
Chartered Accountants.
network of branches manned by a sound and dynamic
team to ensure good governance.
Registered & Main
Office : Asia House, 19C/D Block-L,
Gulberg III, Main Ferozpur Road,
Lahore, Pakistan
56
Together We Assure
ASIA INSURANCE COMPANY LTD.

(Re-stated) (PKR in million) (PKR in million)

Authorized share capital 1,000.00 500.00 500.00 500.00 Net premium revenue 527.73 420.12 347.05 190.98
Premium deficiency reversal/(expense) (7.25) (0.33) - -
621.09 634.89 624.20 555.88
Provision for unearned premium - net 292.73 246.06 191.63 147.39 Underwriting result (17.50) 15.39 125.98 60.26
Additional provision for unexpired risk 7.58 0.33 - -
Commission Income unearned 6.48 7.39 6.66 5.18 Investment income (30.08) 51.68 12.93 33.35
Total 419.90 328.82 242.70 184.93
Deferred liabilities - - 1.56 1.15
Rental income - - - -
Other income 134.88 10.07 1.48 0.74
TOTAL EQUITY AND LIABILITIES 1,136.32 1,039.24 952.69 812.95 Exchange gain - - - -
Cash and bank deposits 243.20 116.14 70.76 53.81 Finance charges on lease rentals - - - -
102.17 58.56 (32.89) (0.68)
Loans - secured considered good - - - -
Profit before tax 84.67 73.95 93.26 59.58
Investments 312.44 317.28 233.61 228.17
Investment properties - - - -
Provision for taxation 7.87 2.86 24.94 12.07
Deferred tax 3.04 2.42 - -
Reinsurance recoveries against Profit after tax 76.80 71.10 68.32 47.51
outstanding claims 36.19 27.46 12.81 6.08 APPROPRIATIONS
Balance at commencement of year 91.33 185.64 117.32 69.81
Deferred commission expense 46.79 49.03 36.00 28.52 Qard e Hasna payment to PTF (15.41)
Dividend
Other assets 395.38 276.63 282.89 219.90
Reserve for bonus share/bonus shares issued - (150.00) - -
Fixed assets 99.28 250.28 316.63 276.46 General reserve
Leased motor vehicle - - - - (165.41) - -
TOTAL ASSETS 1,136.32 1,039.24 952.69 812.95 Balance unappropriated profit at end of year 168.13 91.33 185.64 117.32

BALANCE SHEET RATIOS Net profit after tax to net premium % 14.55 16.92 19.68 24.88
Net working capital (Rs.) 3.24 2.79 2.85 2.71 Management expenses to net premium % 50.52 54.14 25.96 27.22
Current ratio 3.24 2.79 2.85 2.71 Commission to net premium % 17.45 19.42 19.24 19.26
Total assets / net worth 1.83 1.64 1.53 1.46 Earning per share (Rs.) 1.71 1.58 2.28 1.58
Break-up value 13.80 14.11 20.81 18.53 Cash dividend - - - -
Stock dividend - (150.00) - -
1,500 660 200 600
640 500
620 150
1,000 600 400
580 100 300
500 560
540
200
50
520 100
- 500 - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
350 300 90 -
80
300 250 70
250 (50)
200 60
200 150
50 (100)
150 40
100 30
100 20 (150)
50 50 10
- - - (200)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
57
Together We Assure
ASKARI GENERAL INSURANCE COMPANY LTD.
askari
general insurance co. ltd
Mr. Abdul Waheed
Maj Gen Imtiaz Hussain Sherazi (Retd) (PKR in million)
Maj Gen Akhtar Iqbal (Retd) 2017 2016
Brig M. Aslam Khan (Retd)
Malik Riffat Mehmood
Mr. Abdul Hai Mahmood Bhaimia
Mr. M. Munir Malik
Mr. Imran Iqbal
COMPANY INFORMATION
VISION
Chairman : Lt Gen Najib Ullah Khan (Retd)
The vision of askari general insurance company limited is
to be amongst the leading insurance companies of the Chief Executive Officer : Mr. Abdul Waheed
country with the clear perception of upholding the principles
of corporate governance and making agico a profitable and Company Secretary : Mr. Faizan Zafar
growth oriented insurance company while creating insurance
awareness and culture. Chief Financial Officer : Mr. Razi Haider
Legal Advisor : M/S Hassan Kaunain Nafees
Auditors : M/S KPMG Taseer Hadi & Co.

MISSION
To become a leading insurance company by providing Registered & Main
client friendly services through highly motivated team of Office : 3rd Floor, AWT Plaza, The Mall,
dedicated professionals and ensuring progressive return Rawalpindi
to the shareholders.
58
Together We Assure
ASKARI GENERAL INSURANCE COMPANY LIMITED


Authorized share capital 1,000 1,000 1,000 1,000 Net premium revenue 1,356 1,255 1,092 971
Reserves and retained earnings 885 841 587 391 Less: Net claims 622 645 538 561
1,510 1,385 976 780
(including IBNR) 416 419 330 357
Provision for unearned premium - net 1,539 1,160 987 895 Less: Net commission -47 -49 -55 -60
Additional provision for unexpired risk 0 0 0 0 Underwriting result 449 369 338 210
Commission Income unearned 90 72 95 92
Total 2,045 1,651 1,412 1,345 Investment income 94 127 110 144
Deferred liabilities 24 25 20 15
Borrowings 64 71 31 0 Rental income 5 4 3 3
Creditors and accruals 817 542 382 344
Other income 3 6 5 3
General and administration expenses -205 -188 -178 -158
Total Liabilities from window
Takaful Operations 43 24 2 Exchange gain 0 0 0 0
Finance charges on lease rentals -5 -4 -1 0
Cash and bank deposits 192 152 115 134 -109 -54 -61 -8
Loans - secured considered good 1 1 1 2
Profit/Loss from window
Investments 1,643 1,498 1,158 1,014 Takaful Operations-OPF 24 6 -2 -
Profit before tax 364 321 275 202
Investment properties 43 44 46 47
Provision for taxation 111 84 76 39
Deferred tax 13 11 11 4
Profit after tax 254 237 199 163
outstanding claims 184 207 172 147 APPROPRIATIONS
Deferred commission expense 70 59 63 59 Balance at commencement of year 650 513 317 155
Other assets 2,150 1,542 1,125 1,042 Dividend 117 58 -

Reserve for bonus share/bonus shares issued 82 39 -
Fixed assets 43 46 59 49 General reserve - - - -
Other comprehensive income 10 -2 2 2
Leased motor vehicle 78 88 40 0 Equity transaction cost 1 4
210 99 2 2
Total Assets from window
Takaful Operations 120 78 50 0
TOTAL ASSETS 4,537 3,727 2,842 2,498
Assets at market value 4,501 3,753 2,831 2,500 PROFIT AND LOSS ACCOUNT RATIOS
Net working capital (Rs.) 1.99 1.92 1.93 1.85 Commission to net premium % (3.47) (3.88) (5.03) (6.18)
Total assets / net worth 3.00 2.69 2.91 3.20 Cash dividend 117 58 - -
Break-up value 24.16 25.48 25.13 20.07 Stock dividend 82 39 - -
5,000 1,600 660 1,600
1,400 640 1,400
4,000 1,200 620 1,200
1,000 600 1,000
3,000 580
800 560
800
2,000 600 540 600
1,000 400 520 400
200 500 200
- - 480 -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,800 250 300 250
1,600 250
1,400 200 200
1,200 200
1,000 150 150
800 150
100 100
600 100
400 50 50 50
200
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
59
Together We Assure
ATLAS INSURANCE LIMITED
Atlas Insurance
Mr. Babar Mahmood Mirza
Mr. Yusuf H. Shirazi (PKR in million)
Mr. Hasan Raza ur Rahim 2017 2016

Mrs. Roohi R. Khan Premium Written 2,379 2,333
Mr. Ali H. Shirazi Net Premium Revenue 1,274 1,044
Mr. Frahim Ali Khan
Mr. Habib ur Rehman
Net Commission/(Income) (165) (67)
Mr. Babar Mahmood Mirza
Profit after tax 664 618
A first class insurance company that provides the highest Chairman : Mr. Yusuf H. Shirazi
level of quality services to its policyholders.
Chief Executive Officer : Mr. Babar Mahmood Mirza
Company Secretary : Mr. Muhammad Afzal
Chief Financial Officer : Mr. Rashid Amin
Auditors : A. F. Ferguson & Co.

Chartered Accountants.
Tax Advisor : EY Ford Rhodes Sidat Hyder

MISSION
To stay in the forefront of innovation and technological Legal Advisors : Mohsin Tayebaly & Co.
Agha Faisal Barrister at Law
developments, continue to achieve corporate success, RIAA Barker Gillette
provide its policyholders quality products and service to
their satisfaction, promote interest of all the stakeholders Shariah Advisor : Mufti Zeeshan Abdul Aziz
- employees, shareholders, reinsurers and business
associates equitably fulfilling demand of overall social Registered & Head : 63/A, Block-XX, Phase-III,
responsibility. Office (Commercial) Khyaban-e-Iqbal,
Defence Housing Authority, Lahore
Tel: (92-42) 37132611-18
Fax: (92-42) 37132622
Email: info@ail.atlas.pk
Web: www.ail.atlas.pk
No of Employees : 173
62
Together We Assure
ATLAS INSURANCE LIMITED

as at 31st December 2017 2016 2015 2014 as at 31st December 2017 2016 2015 2014

Authorized share capital 800.00 800.00 800.00 800.00 Net premium revenue 1,274.54 1,044.23 959.23 878.38
Reserves and retained earnings 1,547.85 1,344.92 1,144.29 965.89 Less: Net claims 432.52 268.89 203.95 210.53
2,249.46 2,046.54 1,845.90 1,667.50
(including IBNR) 324.39 414.53 503.36 276.99 Less: Net commission (165.56) (67.33) (63.95) (49.90)
Total 1,295.65 1,471.66 1,347.87 1,057.23
Deferred liabilities - - - -
Rental income 2.57 8.33 6.86 6.75
Other income 99.80 13.69 12.25 17.87
TOTAL EQUITY AND LIABILITIES 4,204.21 4,277.60 3,797.01 3,344.02 Exchange gain - - - -
393.53 432.65 335.11 284.10
Investments 2,365.82 2,608.56 2,124.48 1,868.60

Deferred tax 10.06 32.48 26.17 17.41
Profit after tax 663.99 618.17 601.16 544.96
Deferred commission expense 61.74 74.97 70.33 50.61
Dividend 456.05 420.97 420.97 318.92
Other assets 824.56 951.38 690.81 742.50
Reserve for bonus share/bonus shares issued - - - 63.78
Fixed assets 89.08 59.21 56.23 51.85 General reserve 162.00 181.00 124.00 77.00
Other Comprehensive income 5.01 (3.43) 1.79 (3.42)
Leased motor vehicle - - - - 623.06 598.54 546.76 456.28
TOTAL ASSETS 4,204.21 4,277.60 3,797.01 3,344.02 Balance unappropriated profit at end of year 659.78 618.86 599.22 544.82

Current ratio 1.71 1.28 1.37 1.51 Commission to net premium % (12.99) (6.45) (6.67) (5.68)
Break-up value 32.06 29.17 26.31 23.77 Cash dividend 456.05 420.97 420.97 318.92
Stock dividend - - - 63.78
5,000 2,500 500 1,400
4,000 2,000 400 1,200
1,000
3,000 1,500 300 800
2,000 1,000 200 600
400
1,000 500 100 200
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
3,000 800 700 700
2,500 700 600 600
600 500 500
2,000 500 400 400
1,500 400
300 300 300
1,000 200 200
200
500 100 100 100
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
63
Together We Assure
CENTURY INSURANCE CO. LTD.
Century Insurance
Mr. Muhammad Hussain Hirji
Mr. Iqbal Ali Lakhani (PKR in million)
Mr. Amin Mohammed Lakhani 2017 2016

Ms. Anuskha Zulfiqar Lakhani Premium written 1,050 1,009
Mr. Tasleemuddin Ahmed Batlay Net premium revenue 593 659
Mr. A.Aziz H. Ebrahim (upto February 2, 2018)
Mr. Mohammad Hussain Hirji
Mr. Sadrudin Ismail Mohamed
To be an organization known for integrity and ethical Chairman : Mr. Iqbal Ali Lakhani
behavior and fully dedicated to our clients, business
partners, shareholders and employees, providing exceptional Chief Executive Officer : Mr. Mohammad Hussain Hirji
quality service and committed to achieving excellence in
all areas of our operations. Company Secretary : Mr. Mansoor Ahmed
Chief Financial Officer : Mr. Sabza Ali Pirani
Advisor : Mr. Sultan Ali Lakhani
Auditors : M/s .KPMG Taseer Hadi & Co

MISSION Chartered Accountants
l To become a company of choice for our valued clients,
shareholders and employees. Registered Office : Lakson Square, Building No. 2,
Sarwar Shaheed Road,
l To ensure continued growth of the financial strength Karachi.-74200
and resilience to the company so that it may able to
withstand any unexpected stocks or cyclical economic Main Office : 11th Floor, Lakson Square,
down turns. Building No. 3, Sarwar Shaheed
l The Company culture to be known for integrity and Road, Karachi-74200.
ethical behavior.
l The Company to be known as one of the best insurance
companies of the country.
64
Together We Assure
CENTURY INSURANCE COMPANY LIMITED

Reserves and retained earnings 1,264.75 1,252.07 1,296.65 728.07
1,767.72 1,709.31 1,753.89 1,185.31 Less: Net claims 246.96 390.45 299.84 201.95
Underwriting provisions
Provision for outstanding claims Less: Expenses 157.33 142.20 112.00 96.99
(including IBNR) 165.56 164.79 157.30 123.62
Provision for unearned premium - net 383.01 337.04 388.00 246.26 Less: Net commission (23.24) (22.00) (25.10) (18.27)
Additional provision for unexpired risk Underwriting result 212.00 148.60 128.26 107.83
Commission Income unearned 38.53 43.12 40.66 35.32
Total 587.10 544.95 585.96 405.20 Investment income 136.12 225.81 628.90 141.02
Rental income
Other income 20.55 8.25 7.95 5.88
Exchange gain
Loans - secured considered good Finance charges on lease rentals
21.59 116.06 521.00 50.62
Investments 1,327.37 1,798.43 1,732.98 1,098.24
Investment properties
Deferred tax 19.30 1.93 9.52 4.12
APPROPRIATIONS
Other assets 891.05 587.64 597.94 396.14 Dividend 80.01 228.62 68.59 68.59
Reserve for bonus share/bonus shares issued 45.72
Fixed assets 66.14 72.05 56.19 48.38
General reserve 1.59 1.82 1.14 0.07
127.32 230.44 69.73 68.66
TOTAL ASSETS 2,772.78 2,660.68 2,660.35 1,876.72
BALANCE SHEET RATIOS PROFIT AND LOSS ACCOUNT RATIOS

Net working capital (Rs.) 2.27 1.33 1.74 1.71 Claims incurred to net premium % 41.64 59.23 58.22 51.98
Current ratio 2.28 1.33 1.74 1.71 Net profit after tax to net premium % 23.61 28.19 123.94 36.65
Total assets / net worth 1.57 1.56 1.52 1.58 Management expenses to net premium % 26.53 21.57 21.75 24.97
Break-up value 35.15 37.38 38.36 25.92 Commission to net premium % (3.92) (3.34) (4.87) (4.70)
Earning per share (Rs.) 2.78 4.06 13.96 3.11
Cash dividend 80.01 228.62 68.59 68.59
Stock dividend 45.72 - - -
3,000 2,000 500 700
2,500 400 600
1,500 500
2,000
300 400
1,500 1,000
200 300
1,000 200
500 100
500 100
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
2,000 400 700 250
1,800
350 600
1,600
300 200
1,400 500
1,200 250 400 150
1,000 200 300
800 150 100
600
100 200
400
100 50
200 50
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
65
Together We Assure
CHUBB INSURANCE PAKISTAN LIMITED
Mr. Humzah Majeed Chaudhri
Mr. Giles Richard Ward (PKR in million)
Mr. Stephen Brian Dixon 2017 2016
Mr. Simon Justin Druce Mills
Mr. Dennis Charles Premium written 528 393
Syed Umer Ali Shah Net premium revenue 108 121
Mr. Humzah Majeed Chaudhri Net claims expense 11 21
Ms. Zehra Naqvi
Mr. Kamal Ahmed
VISION Profit / (loss) after tax 42 17
Chubb Insurance Pakistan Limited is committed to the
Chubb Group Values which are:
Integrity: We comply with all applicable laws regulations COMPANY INFORMATION
and company policies in our words and in our deeds.
Honesty, character and ethical behaviour guide us to do Chairman : Syed Umer Ali Shah
the right thing.
Client Focus: We are committed to our clients. We strive Chief Executive Officer : Mr. Humzah Majeed Chaudhri
to understand their risks, we make promises and we keep
them. Company Secretary : Mr. Kamal Ahmed
Respect: We value our employees, par tners and
communities. We are dedicated to fair treatment, diversity,
trust and mutual respect. Chief Financial Officer : Mr. Mahad Rashid Hafeez
Excellence: We recognize and reward excellence in the
workplace. Performing at the highest level requires us to Legal Advisor : LMA Ebrahim Hosain
think and act like owners.
Teamwork: We believe in an environment of open Auditors : A. F. Ferguson & Co.,
communication and collaboration produces results. We
encourage full participation, different perspectives,
constructive criticism and a sense of pride in who we are
and what we do Registered & Main
Office : 6th floor, NIC Building,
MISSION Abbasi Shaheed Road Off.
Shahrah-e-Faisal, Karachi
Chubb is committed to being a leader in the global insurance
and reinsurance market by always conducting business in Number of Employees : 14
a consistent, disciplined and focused manner. We provide:
1. Superior Client Value
2. Superior Shareholder Value
3. Superior Employee Value
66
Together We Assure
CHUBB INSURANCE PAKISTAN LIMITED


Premium deficiency reversal/(expense) 0.95 0.99 (1.93)
565.89 469.20 398.10 513.98
(including IBNR) 224.00 513.24 923.83 357.65 Less: Net commission (35.75) (13.40) 7.06 14.41
Provision for unearned premium - net 188.37 161.50 224.21 339.24 Underwriting result 32.74 6.05 (74.99) 123.81
Commission Income unearned 9.40 9.65 9.78 20.21 Investment income 26.63 25.58 35.84 -
Total 421.77 685.33 1,159.74 717.10
Deferred liabilities Rental income - - - -
Creditors and accruals 178.06 128.28 339.61 131.19 Other income 2.68 3.26 10.03 166.86
Other liabilities General and administration expenses (5.25) (6.96) (2.85) (13.16)
Cash and bank deposits 38.20 32.54 51.38 61.00 24.05 21.88 43.03 153.70
Loans - secured considered good - - - - Profit before tax 56.79 27.93 (31.97) 277.50
Investments 642.81 458.94 590.00 565.00
Investment properties - - - - Provision for taxation 14.36 11.12 (0.02) 94.92
Deferred tax 4.56 6.95 12.09 3.98

Profit after tax 42.42 16.81 (31.94) 182.58
APPROPRIATIONS
Other assets 280.73 306.44 378.95 389.04 Dividend - - 90.00 74.48

Reserve for bonus share/bonus shares issued 43.37 9.19
Other comprehensice (loss) / income 0.69 2.65 2.29 1.07
Leased motor vehicle - 44.06 11.84 92.29 75.55

Net profit after tax to net premium % 39.26 13.85 (48.05) 74.54
Net working capital (Rs.) 1.24 1.24 1.47 2.68 Commission to net premium % (33.08) (11.04) 10.62 5.88
Current ratio 1.24 1.24 1.47 2.68 Earning per share (Rs.) 0.85 0.42 (1.06) 6.09
Total assets / net worth 2.06 2.73 4.77 2.65 Cash dividend - - 90.00 74.48
Break-up value 11.32 11.73 13.27 17.13 Stock dividend 43.37 9.19 - -
2,000 600 50 300
500 40 250
1,500
400 200
30
1,000 300 150
200 20 100
500 10
100 50
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
700 70 200 100
600 60 150 80
500 50
400 40 100 60
300 30 50 40
200 20
100 10 - 20
- - (50) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
67
Together We Assure
NS
UR A
NC E S O C
I ET THE COOPERATIVE INSURANCE
I
YO
VE
SOCIETY OF PAKISTAN LIMITED

PE RATI
F PA
K ISTAN
CO O
HE
LT
T D.
LA H O RE
Sh. Aziz-ul-Haq Piracha
Mr. Ch Nisar Ahmad (PKR in million)
Mr. Zafar Iqbal 2017 2016
Mr. Muhammad Shafi
Premium Written 8.74 5.81
Mr. Farooq Azam
Net Premium Revenue 6.30 5.32
Mr. Ghulam Sajjad Hussain
Claims expense 0.61 0.13
Net Claims Expense 0.61 0.13
Net Commission (Income) 0.98 0.65
Management expense 8.20 6.38
(Loss)/Profit after tax (1.62) 0.42
COMPANY INFORMATION
VISION
Chairman : Sh. Aziz-ul-Haq Piracha
The Cooperative Insurance Society of Pakistan
Senior Vice Chairman : Ch. Akhter Mehmood
Ltd., is an apex Cooperative Society registered
under the Cooperative Societies Act, 1925, on Auditors : Safdar Saad & Company
August 06, 1949, and is engaged in general
insurance business. The area of operation of the Legal Advisor : Mr. Mohammad Hanif Khan Niazi
Advocate
Society is whole of Pakistan.
Registered Office : 23- Shahrah-e-Quaid-e-Azam,
Lahore
Head Office : Co-operative Insurance Building,

23- Shahrah-e-Quaid-e-Azam,
P.O. Box No. 147, Lahore.
Ph: 37356537, 37352306,
37242798
Fax: 042-37352794
Email: coinsopl@live.com
68
Together We Assure
THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED


Premium deficiency reversal/(expense) (0.70) (0.31) (0.74) -
517.25 518.85 518.42 317.57
Provision for unearned premium - net 4.13 2.93 3.32 1.47 Underwriting result (4.20) (2.15) (4.15) (5.19)
Premium deficiency reserve 1.75 1.048 - -
Commission Income unearned 0.10 0.19 0.15 - Investment income 3.50 5.58 5.09 3.77
Total 6.23 4.22 3.57 1.82
Surplus on Revaluation of fixed assets 1,675.50 1678 1,679.91 1,672.02 Exchange gain - -
TOTAL EQUITY AND LIABILITIES 2,219.00 2,222.00 2,224.94 2,008.99 Finance charges on lease rentals - -
2.66 2.58 4.93 6.90
Profit before tax (1.54) 0.43 0.61 1.71
Loans - secured considered good - -
Investments 7.5 7.5 7.50 7.50 Provision for taxation (0.08) 0.01 (0.31) 0.36
Investment properties - -
Profit after tax (1.62) 0.42 0.92 1.35
Deferred tax - -
APPROPRIATIONS
Reinsurance recoveries against Balance at commencement of year 10.21 9.89 9.21 8.24
outstanding claims - - Cumulative effect of change in
accounting policy - -
Deferred commission expense 0.37 0.49 0.57 0.26 Dividend - -
Reserve for bonus share/bonus shares issued - -
Other assets 4.00 3.91 3.54 2.60 General reserve - 0.10 0.23 0.34
Fixed assets 2196 2198 2,201.66 1,988.10 - 0.10 0.23 0.34
Leased motor vehicle -

TOTAL ASSETS 2,219.00 2,222.00 2,225.68 2,008.99
Assets at market value 2,280.00 2,376.00 2,432.99 2,123.62 PROFIT AND LOSS ACCOUNT RATIOS
Net profit after tax to net premium % (25.73) 7.88 22.52 61.09
Current ratio 4.20 4.89 5.00 3.93 Earning per share (Rs.) (0.03) 0.01 0.02 0.05
Total assets / net worth 4.29 4.28 4.29 6.33 Stock dividend - - - -
Break-up value 10.34 10.38 10.37 10.59
2,500 900 0.60 6
2,400 800 0.50 5
700 0.40 4
2,300
600 0.30 3
2,200
500 0.20 2
2,100 400 0.10 1
2,000 300 0 -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
8 14 3 0.50
7 13 0.40
6 2
5 12 1 0.30
4
3 11 - 0.20
2 10 (1) 0.10
1
- - (2) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
69
Together We Assure
CRESCENT STAR INSURANCE LIMITED
Your Security - Our Policy
Mr. Naim Anwar
Mr. Naim Anwar (PKR in million)

Mr. Bilal Anwar 2017 2016
Dr. Faheem Lashkarwala
Mr. Nadeem Ansar Premium Written 113 190
Ms. Rukhsana Asghar Net Premium Revenue 110 206
Ms. Shaiyanne Malik Claims expense 31 58
Mr. Shahid Suleman Jan Net Claims Expense 37 55
Mr. Muhammad Akram Swaleh
VISION
l To serve with excellence.
l Excellence achieved through our corporate mission. COMPANY INFORMATION
l The brand name of CSI with a vision to expand with
prudent approach and provide the Insurance Service Chairman & CEO : Mr. Naim Anwar
to Pakistan Industry on sound footing.
Company Secretary
& CFO : Mr. Malik Mehdi Muhammad
MISSION
l First and foremost to secure the interest of our policy Advisor : Ms. Uzma Anwar
holders by adopting proper risk management
techniques, prudent financial planning and maintaining Auditors : Grant Thornton Anjum Rahman
reinsurance arrangements with world-class reinsurers. Chartered Accountants
l To ensure profitability to our reinsurers who afford us
underwriting capacity. Registered & Main
l To recognize human resources as the key element in Office : 2nd Floor, Nadir House
progress and to provide our officers and field force I.I.Chundrigar Road
due recompense for their efforts in building up the P.O.Box No. 4616, Karachi
company.
l To generate operational profits and dividend return for Number of Employees : 95
our shareholders of the company.
CORE VALUES
l Integrity
l Transparency
l Passion
l Team Work
l Corporate Social Responsibility
70
Together We Assure
CRESCENT STAR INSURANCE LIMITED


Authorized share capital 1,115.00 1,000.00 1,000.00 650.00 Net premium revenue 109.61 206.35 236.91 136.24
Premium deficiency reversal/(expense) (0.92) (0.59)
Reserves and retained earnings 110.32 37.16 13.60 (68.08) Less: Net claims 37.28 55.42 92.33 25.17
737.51 664.34 434.08 352.40
Shares Deposit Money 250.01 - 76.00 -
Less: Expenses 86.15 72.05 88.88 69.11
Provision for outstanding claims Less: Net commission 20.68 25.92 25.40 22.89
(including IBNR) 66.42 71.01 70.39 43.64 Underwriting result (35.42) 52.36 30.29 19.07
Provision for unearned premium - net 55.82 71.59 115.59 115.87
Additional provision for unexpired risk 1.51 0.59 Investment income 136.57 6.91 9.06 6.64
Commission Income unearned - - 0.03
Total 123.76 143.20 185.98 159.54
Deferred liabilities Sale of Investment Properties - - 116.07 -
TOTAL EQUITY AND LIABILITIES 1,240.91 1,009.12 838.23 574.84 Exchange gain
Loans - secured considered good - - - - 109.95 (26.74) 59.56 (53.55)
Investments 238.14 188.47 78.06 87.62 Profit before tax 74.54 25.62 89.86 (34.47)
Investment properties - - 183.93 Provision for taxation (1.37) 2.06 8.17 1.36
Deferred tax 13.54 13.54 13.54 13.54
Reinsurance recoveries against Profit after tax 73.17 23.56 81.68 (35.83)
APPROPRIATIONS
Deferred commission expense 6.81 8.48 10.67 5.37 Balance at commencement of year 10.89 (12.66) (94.35) (58.51)
Other assets 897.79 709.895 694.61 239.96 Dividend

Reserve for bonus share/bonus shares issued
Software 2.72 4.075 - -
Balance unappropriated profit at end of year 84.06 10.89 (12.66) (94.34)
TOTAL ASSETS 1,240.91 1,009.12 838.23 574.84
Assets at market value PROFIT AND LOSS ACCOUNT RATIOS

Net profit after tax to net premium % 66.75 11.42 34.48 (26.30)
Current ratio 4.89 2.86 3.36 2.51 Earning per share (Rs.) 1.17 0.38 1.94 (0.85)
Total assets / net worth 1.68 1.52 1.93 1.63 Cash dividend - -
Break-up value 11.76 10.59 10.32 8.38 Stock dividend - -
1500 800 100 250
700
600 80 200
1000 500 60 150
400
500 300 40 100
200 20 50
100
0 - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
300 70 100 1
250 60 80 1
50 60
200 40 1
40 20
150 30 - 0
100 20 (20) 0
50 10 (40)
- - (60) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
71
Together We Assure
EAST WEST INSURANCE COMPANY LTD.
Mr. Naved Yunus
Mr. Javed Yunus (PKR in million)
Mr. Pervaz Yunus 2017 2016
Mr. Maheen Yunus Premium Written 2,531 2,067
Mr. Umeed Ansari Net Premium Revenue 1,055 981
Mr. Ahsan Mehmood Alvi Claims Expense 967 891
Engr. Kazim Raza Net Claims Expense 470 469
Management Expense 182 164
VISION
To be amongst most trusted insurance security of the
COMPANY INFORMATION
country by providing protection to our insured in a most
effective manner ensuring prosperity for its stakeholders Chairman : Chief Justice (R) Main Mahboob Ahmad
and growth with human resource.
Chief Executive Officer : Naved Yunus
Company Secretary : Shabbir Ali Khanchwala

& CFO
MISSION
Legal Advisor : Khalid Law Associates
To ensure most effective management for sustained growth
of the company. Auditors : BDO Ebrahim & Company
(Chartered Accountants)
To provide reliable & secure protection for the policyholders.
To retain sound position of the company in the industry Registered Office : 27, Regal Plaza, Jinnah Road,
while working with dedication & innovation. Quetta
To maintain continuous pursuit for cost effectiveness Main Office : 401-404, Block 'B', 4th Floor,
enhanced productivity for ensuring financial health of the Lakson Square Building
organization, to take care of shareholder's aspiration No. 3, Sarwar Shaheed Road,
continuously. Karachi.
To inculcate value added system all across the organization Number of Employees : 129
for ensuring trustworthy relationship with its clients as well
as shareholders.
72
Together We Assure
EAST WEST INSURANCE COMPANY LTD.


Authorized share capital 750.00 750.00 500.00 500.00 Net premium revenue 1,054.71 981.29 870.24 760.24
Premium deficiency reversal/(expense) - -
1,050.28 981.70 756.01 664.91
Total 1,492.57 1,198.44 668.43 557.66
TOTAL EQUITY AND LIABILITIES 2,693.77 2,335.79 1,575.27 1,398.95 Exchange gain - - - -
(139.60) 115.76 20.48 32.30
Loans - secured considered good - - - -
Investments 1,112.13 1,013.79 845.82 679.40
Investment properties 53.10 48.04 50.57 50.15

Deferred tax - - - -
Deferred commission expense 146.60 129.64 36.39 40.39 APPROPRIATIONS

Other assets 633.71 553.98 337.54 357.11
Dividend - 56.46 40.15 36.50
Fixed assets 117.48 126.08 121.59 53.20 Reserve for bonus share/bonus shares issued 101.63 56.46 50.19 36.50
General reserve - 100.00 - -
Leased motor vehicle - - - -
101.63 212.92 90.34 73.00

Break-up value 17.22 19.32 16.74 16.56 Cash dividend - 56.46 40.15 36.50
Stock dividend 101.63 56.46 50.19 36.50
3,000 1,200 500 1,200
2,500 1,000 400 1,000
2,000 800 800
300
1,500 600 600
1,000 200
400 400
500 200 100 200
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,400 100 300 250
1,200 80 250 200
1,000 200
800 60 150
150
600 40 100
400 100
200 20 50 50
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
73
Together We Assure
EFU GENERAL INSURANCE LIMITED
GENERAL
Mr. Hasanali Abdullah
Mr. Abdul Rehman Haji Habib (PKR in million)
Mr. Muneer R. Bhimjee 2017 2016
Mr. Taher G. Sachak
Mr. Ali Raza Siddiqui
Mr. Mohammed Iqbal Mankani
Mr. Mahmood Lotia
Mr. Saad Ali Bhimjee
COMPANY INFORMATION
VISION
Chairman : Mr. Saifuddin N. Zoomkawala
To continue our journey to be better than the best.
Chief Executive Officer : Mr. Hasanali Abdullah
Company Secretary
& CFO : Mr. Altaf Qamruddin Gokal
Legal Advisor : Mr. Mohammad Ali Sayeed
Auditors : KPMG Taseer Hadi & Co.
MISSION Registered Office : Kamran Centre, 1st Floor 85,

East, Jinnah Avenue Blue Area
To provide services beyond expectation with a will to go
Islamabad
an extra mile. In the process, continue to upgrade
technology, human resource and reinsurance protection.
Main Office : EFU House M.A. Jinnah Road
Karachi
Co-operative Insurance Building 23,
Shahrah-e-Quaid-e-Azam Lahore
Number of Employees : 1,232
76
Together We Assure
EFU GENERAL INSURANCE LIMITED


17,047.22 16,901.07 15,847.01 13,111.10
Underwriting provisions Less: Expenses 2,349.63 2,171.56 2,006.55 1,482.42
(including IBNR) 5,572.35 5,415.03 4,462.93 5,652.40 Less: Net commission 661.52 588.14 619.69 760.51
Provision for unearned premium - net 8,496.69 7,388.68 6,723.97 6,363.73 Underwriting result 1,628.35 1,789.02 1,052.56 1,316.40
Additional provision for unexpired risk
Commission Income unearned 461.61 343.97 341.65 296.38 Investment income 821.28 1,009.43 1,202.48 914.98
Total 14,530.65 13,147.68 11,528.55 12,312.52
Creditors and accruals 347.22 237.79 4,034.04 3,078.34 Other income 963.09 892.68 2,729.06 550.11
Other liabilities 6,800.85 5,537.61 727.52 608.20 General and administration expenses (115.48) (50.47) (301.76) (637.95)
Cash and bank deposits 1,594.76 1,867.47 1,749.00 1,520.80 1,812.70 1,992.26 3,759.70 945.84
Investments 23,170.27 20,336.53 19,166.23 15,647.04
Investment properties 149.12 174.08 190.65 213.31 Provision for taxation 1,097.22 1,388.84 775.23 433.19
Profit after tax 2,343.82 2,392.44 4,033.90 1,829.05
outstanding claims 3,538.57 3,424.62 2,232.47 3,389.99
APPROPRIATIONS
Deferred commission expense 689.58 564.65 541.68 561.85 Balance at commencement of year 2,388.17 3,734.11 1,998.20 1,645.03
Other Comprehensive Income (47.67) (18.38) (17.99) 34.12
Other assets 8,734.66 8,749.69 7,280.58 6,972.11 Dividend 2,150.00 1,320.00 1,280.00 660.00
Reserve for bonus share/bonus shares issued - 400.00 - 350.00
Fixed assets 1,222.29 1,084.91 1,101.32 919.57 General reserve 500.00 2,000.00 1,000.00 500.00
Leased motor vehicle - - 2,650.00 3,720.00 2,280.00 1,510.00

Break-up value 85.24 84.51 99.04 81.94 Cash dividend 2,150.00 1,320.00 1,280.00 660.00
Stock dividend - 400.00 - 350.00
50,000 20,000 3,100 8,000
40,000 3,000 7,500
15,000
2,900
30,000 7,000
10,000 2,800
20,000 6,500
2,700
10,000 5,000 6,000
2,600
- - 2,500 5,500
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
25,000 2,000 4,500 4,000
4,000 3,500
20,000 1,500 3,500 3,000
15,000 3,000 2,500
1,000 2,500 2,000
10,000 2,000
1,500 1,500
5,000 500 1,000 1,000
500 500
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
77
Together We Assure
EXCEL INSURANCE COMPANY LIMITED
Mr. Abdul Haseeb Fakih
Mr. Ghulam Muhammad (PKR in million)
Ms. Shagufta Ghulam 2017 2016
Mr. Abdul Haseeb Fakih
Premium written 3.980 4.561
Mr. Muhammad Irfan Khalique
Net premium revenue 1.874 0.673
Mr. Muhammed Azhar
Claims expense 13.861 1.407
Syed Sajjad Ali
Net claims expense 1.814 1.407
Mr. Anwar Zafar
Net commission / (income) (0.366) (0.364)
Management expense 8.072 7.416
Profit / (loss) after tax (47.209) 100.490
COMPANY INFORMATION
VISION
Chairman : Mr. Ghulam Muhammad
The vision of Excel Insurance Limited is to become one of
the preferred insurance companies of the country by Chief Executive Officer : Mr. Abdul Haseeb Fakih
providing insurance services par excellence to its customers
Company Secretary
resulting in peace of mind to its clients. & CFO : Mr. Saqib Abdul Razzak
Legal Advisor : Mr. Faisal Shahzad
Auditors : Riaz Ahmed & Co

MISSION Registered & Main

Office : 38/C-1, Block - 6,
The mission of Excel Insurance Company Limited is PECHS Karachi
l To become the most preferred insurer of clients by
providing outstanding risk coverage.
l To provide a congenial environment to employees to

attract the best human resource in the industry.
l To consistently offer high return on capital to company's

shareholders.
78
Together We Assure
EXCEL INSURANCE COMPANY LIMITED


Premium deficiency reversal/(expense) 0.27 (2.87) 3.91
Reserves and retained earnings (25.38) 21.83 22.70 15.62 Less: Net claims 1.81 1.41 (0.79) 0.43
474.62 421.83 322.70 315.62
Provision for unearned premium - net 2.15 2.61 2.35 1.77 Underwriting result (7.37) (10.65) 0.93 (4.36)
Additional provision for unexpired risk 2.59 2.87 0.79
Total 18.40 11.64 7.40 12.91
Deferred liabilities Rental income -
TOTAL EQUITY AND LIABILITIES 517.56 465.76 333.09 331.32 Finance charges on lease rentals (39.35) 124.00 9.79 12.75

Profit before tax (46.72) 113.34 10.72 8.38
Investments 486.04 390.15 284.85 312.25 Provision for taxation 0.49 12.85 3.64 3.54
Investment properties -
Deferred tax - Profit after tax (47.21) 100.49 7.08 4.84

Deferred commission expense -
Dividend -
Other assets 13.92 5.84 7.48 10.29 Reserve for bonus share/bonus shares issued 100.00
General reserve
Fixed assets 3.22 3.89 4.14 2.26 Other Comprehensive Income 1.36 (1.92)
- 101.36 - (1.92)
Balance unappropriated profit at end of year (25.38) 21.83 22.70 15.62
TOTAL ASSETS 517.56 465.76 333.09 331.32

Claims incurred to net premium % 96.80 209.06 (220.06) 17.98
Net profit after tax to net premium % (2,519.16) 14,931.65 1,971.03 202.51
BALANCE SHEET RATIOS Management expenses to net premium % 430.74 1,101.93 1,247.35 280.84
Net working capital (Rs.) 0.73 1.87 5.59 1.28 Commission to net premium % (19.53) (54.09) (97.21) (16.31)
Total assets / net worth 1.09 1.10 1.03 1.05 Stock dividend - 100 - -
Break-up value 9.49 10.55 10.76 10.52 Right Shares 100
600 500 2 3
500 400 2 3
400 300 1 2
300 1 2
200 1
200 -
100 100 (1) 1
- - (1) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
600 70 120 120
60 100 100
500 80
400 50 60 80
40 40 60
300 30 20 40
200 -
20 (20) 20
100 10 (40) -
- - (60) (20)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
79
Together We Assure
HABIB INSURANCE CO. LTD
Mr. Shabbir Gulamali
Mr. Abbas D. Habib (PKR in million)
Mr. Mansoor G. Habib 2017 2016

Mr. Mohamedali R. Habib Premium written 1163 1401
Mr. Qumail R. Habib Net premium revenue 556 544
Mr. Munawar Ali Habib Claims expense 878 668
Mr. Shahid Ghaffar Net claims expense 374 281
In Insurance, as also in Banking, Habib is committed to its Chairman : Mr. Rafiq M. Habib
time honoured tradition of serving the Nation by extending
a wide range of insurance products offering maximum Chief Executive Officer : Mr. Shabbir Gulamali
protection, backed up by matchless service with prompt
claim settlement as its utmost priority. With high quality Company Secretary
service to all its customers, the Company will also strive & CFO : Mr. Murtaza Hussain
to continue to give its shareholders a consistent return on
their investment. Legal Advisor : Lari & Company
Auditors : EY Ford Rhodes

MISSION
Registered & Main
Habib will continue to pursue its policy of progressive yet Office : 1st Floor, State Life Building No. 6,
cautious underwritting carving its rightful share in the Habib Square, M.A. Jinnah Road,
Insurance market without compromising its principles on P.O. Box 5217, Karachi - 74000.
underwriting and claim settlement. It will continue to
maintain its selective approach towards the business it Number of Employees : 178
underwrites and as new products and markets are being
explored, the company is investing its resources in people
and ideas to meet these challanges.
80
Together We Assure
HABIB INSURANCE CO. LTD


Premium deficiency reversal/(expense) 20.34 (14.22) (5.86) 1.25
Reserves and retained earnings 816.25 1,117.20 899.57 540.67 Less: Net claims 373.72 281.56 221.74 221.54
1,435.63 1,736.58 1,518.94 1,160.05
Additional provision for unexpired risk - 20.34 6.13 0.26
Total 1,221.33 1,307.23 1,213.42 1,350.78
Deferred liabilities 173.65 266.33 161.88 46.85 Rental income - - - -
TOTAL EQUITY AND LIABILITIES 3,276.06 3,665.49 3,298.58 2,851.00 Exchange - - - -
Cash and bank deposits 166.46 148.02 136.36 74.56 Finance on lease rentals - - - -
146.54 214.10 140.61 205.97
Investments 1,277.27 1,724.59 1,460.86 1,043.88
Investment properties - - - Profit after tax 109.96 191.71 226.87 260.01
Deferred tax - - - 21.20 Other comprehensive income - net (194.13) 242.71 (4.96) (1.12)
Total Comprehensive income for the year (84.17) 434.41 221.91 258.89
Other assets 1,162.45 1,142.40 984.75 830.26 Dividend 216.78 216.78 247.75 123.88
Reserve for bonus share/bonus shares issued - - - 123.88
Fixed assets 25.29 25.64 24.43 13.69 General reserve - - 10.00 -
Other 7.74 9.49 - -
Leased motor vehicle 224.52 226.27 257.75 247.75
Assets at market value 3,281.71 3,691.68 3,300.55 3,643.19
Claims incurred to net premium % (67.22) (51.69) 44.32 48.29
Net working capital (Rs.) 1.68 1.89 1.67 1.46 Management expenses to net premium % (44.18) (44.00) 39.96 38.19
Current ratio 1.68 1.89 1.67 1.46 Commission to net premium % 10.66 11.34 (9.02) (5.14)
Stock dividend - - - 123.88
4,000 2,000 500 600
400 500
3,000 1,500
300
400
2,000 1,000 300
200
200
1,000 500 100 100
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
2,000 180 300 270
1,800 160 260
1,600 140 250
1,400 120 200 250
1,200 240
1,000 100 150
800 80 230
600 60 100 220
400 40 50
200 20 210
- - - 200
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
81
Together We Assure
IGI GENERAL INSURANCE LIMITED
Mr. Tahir Masaud
BOARD OF DIRECTORS KEY FINANCIAL DATA FOR THE LAST TWO (2) YEARS
(PKR in million)
Mr. Shamim Ahmed Khan
Syed Hyder Ali 2017 2016
Syed Hasnain Ali Premium written 2,901 2,820
Mr. Sajjad Iftikhar Net premium revenue 1,645 1,381
Mr. Tahir Masaud Claims expense 1,520 1,547
Net commission / (income) 122 (49)
Profit / (loss) after tax 174 1,434

IGI General Insurance is committed to being one of the Chairman : Mr. Shamim Ahmad Khan
leading providers of solutions to risk exposure in selected
market segments in Pakistan. Chief Executive Officer : Mr. Tahir Masaud
Company Secretary : Mr. Yasir Ali Qureshi
Chief Financial Officer : Syed Awais Amjad
Legal Advisor : Ramday Law Associates

MISSION Hassan & Hassan
Lari & Company
Our vision will be realized through:
Auditors : A.F. Ferguson & Co.
Customers:
Chartered Accountant
Being the preferred insurer in providing solutions to risk
exposure.
Registered & Main
Shareholders: Office : 7th Floor, The Forum
Consistently delivering above market average return on Suite No. 701-713, G-20, Block 9,
capital. Khayaban-e-Jami, Clifton
Karachi - 75600, Pakistan
Employees:
Providing the environment necessary to be the employer Number of Employees : 150
of choice.
Community:
Compliance with the highest ethical and moral standards.
82
Together We Assure
IGI GENERAL INSURANCE LIMITED
BALANCE SHEET PROFIT AND LOSS ACCOUNTS


Premium deficiency reversal/(expense) - - - 0.04
Reserves and retained earnings 590.01 12,385.66 11,033.84 10,352.25 Less: Net claims 933.24 697.87 586.43 594.54
2,091.01 13,612.55 12,260.74 11,579.15
(including IBNR) 1,226.18 944.95 643.82 640.51 Less: Net commission (121.84) (48.99) (90.40) (93.64)
Provision for unearned premium - net 1,185.55 950.26 745.48 648.17 Underwriting result 389.00 323.23 258.05 208.20
Total 2,513.41 1,990.07 1,464.78 1,361.43
Deferred liabilities - - 1.73 1.23 Rental income 22.12 21.51 6.72 4.09
Creditors and accruals 1,058.50 1,140.46 761.39 784.78 Other income 8.60 14.34 23.66 51.51
Other liabilities 81.62 2,705.96 162.00 763.51 General and administration expenses (228.87) (311.88) (176.68) (188.29)
Exchange gain/ Loss from WTO - - - -
Cash and bank deposits 2,467.74 726.51 367.17 315.20
Finance charges on lease rentals (3.54) (108.69) (25.49) (74.29)
Loans - secured considered good - - - - (137.662) 1,743.99 1,273.70 733.91
Investments 321.21 15,658.68 12,325.08 12,196.54 Profit before tax 248.80 2,067.13 1,531.75 942.10
Investment properties 179.35 171.15 190.57 127.36 Share of profit / (loss) of associates - - - -
Provision for taxation (74.92) (633.25) (238.71) (119.30)
Deferred tax 13.90 7.39 - -
Profit after tax 173.88 1,433.88 1,293.05 822.88
Reinsurance recoveries against Other comprehansive income (1.26) (2.96) 1.99 (4.58)
APPROPRIATIONS
Deferred commission expense 127.57 - - - Balance at commencement of year - 2,931.13 1,881.47 1,063.25
Other assets 1,631.21 1,805.36 1,155.40 1,274.77 Dividend - (490.76) (613.45) (167.30)
Reserve for bonus share/bonus shares issued - 736.14 368.07 167.30
Fixed assets 200.86 386.42 220.74 240.18 Other comprehensive (1.26) (2.96) 1.99 (4.58)
General reserve - - - -
Leased motor vehicle 78.96 44.07 - - (1.26) 242.42 (243) (4.58)
TOTAL ASSETS 5,744.53 19,449.04 14,650.63 14,490.09 Balance unappropriated profit at end of year 172.62 4,607.42 2,931.13 1,881.55
Current ratio 2.03 0.66 1.22 0.88 Commission to net premium % (7.41) (3.55) (8.06) (8.96)
Break-up value 13.93 110.95 99.93 94.38 Cash dividend - (490.76) (613.45) (167.30)
Stock dividend - 736.14 368.07 167.30
Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten
25,000 16,000 1,000 2,000
14,000
20,000 12,000 800 1,500
15,000 10,000 600
8,000 1,000
10,000 6,000 400
5,000 4,000 200 500
2,000
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
18,000 3,000 1,600 300
16,000 1,400
14,000 2,500 200
1,200
12,000 2,000 1,000 100
10,000
8,000 1,500 800 -
6,000 1,000 600 (100)
4,000 400
2,000 500 200 (200)
- - - (300)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
***Under the Honorable Sindh High Court sanctioned scheme of arrangement, the insurance business of IGI Insurance Limited has been transferred to IGI
General Insurance Limited w.e.f. January 31, 2017 against proposed shares to be issued to IGI Holdings Limited (formerly IGI Insurance Limited). Therefore,
83
Together We Assure
the abovementioned numbers represents 11 months of insurance business carried out by IGI General Insurance (i.e. February 2017-December 2017)
JUBILEE GENERAL INSURANCE CO. LTD.
Mr. Tahir Ahmed
Mr. Sadruddin Hashwani (PKR in million)
Mr. Akbarali Pesnani 2017 2016

Mr. John Joseph Metcalf Premium written 7,694 7,851
Mr. R. Zakir Mahmood Net premium revenue 4,611 4,171
Mr. Amin A. Hashwani
Mr. Amyn Currimbhoy
Mr. Farhan Talib
Net commission 392 411
Profit after tax 1,083 1,179
COMPANY INFORMATION
VISION
Chairman : Mr. Towfiq H. Chinoy
Enabling people to overcome uncertainty.
MD & Chief Executive
Officer : Mr. Tahir Ahmed
Chief Financial Officer : Mr. Nawaid Jamal
Company Secretary : Mr. Fahad Alam
Legal Advisor : M/s. Surridge & Beecheno
Auditors : KPMG Taseer Hadi & Company

MISSION
To provide solutions that protoect the future of our
customers. Registered Office : 2nd Floor, Jubilee Insurance House
Main Office I.I Chundrigar Road
Karachi, Pakistan
UAN : (92-21) 111-654-111
Tel : (92-21) 32416022-26
Toll Free : 0800-03786
Fax : (92-21) 32416728, 32438738
E-Mail : info@jubileegeneral.com.pk
Website : www.jubileegeneral.com.pk
84
Together We Assure
JUBILEE GENERAL INSURANCE CO. LTD.


Premium deficiency reversal/(expense) - - - -
7,121.74 6,599.86 5,906.40 5,422.88
Underwriting provisions Less: Expenses 1,360.18 1,256.68 1,084.95 957.12
(including IBNR) 3,431.67 3,337.43 2,907.10 2,805.86 Less: Net commission 391.74 410.98 423.75 329.66
Provision for unearned premium - net 2,947.61 2,835.16 2,628.13 2,340.94 Underwriting result 408.69 472.98 467.72 275.15
Additional provision for unexpired risk - - -
Total 6,503.38 6,289.69 5,653.76 5,237.39
Deferred liabilities 19.40 64.68 - 0.05 Rental income 84.02 86.52 94.35 99.12
Creditors and accruals 891.80 836.96 2,026.17 1,592.29 Other income 93.31 119.12 79.42 61.30
Other liabilities 3,455.89 3,619.97 1,601.52 1,286.17 General and administration expenses (65.25) (76.06) (79.58) (51.09)
Share in Profits of associates 165.59 123.95 112.18 82.25

Profit/(loss) from Window Takaful Operations 60.11 16.19 (15.00) -
Cash and bank deposits 2,135.46 2,167.37 1,716.84 1,021.05 1,207.07 1,381.15 1,243.56 994.67
Investments 9,390.57 9,060.59 8,431.73 7,777.59 Provision for taxation 532.76 674.69 358.64 190.70

Profit after tax 1,083.00 1,179.44 1,352.65 1,079.12
Deferred tax - - 12.94 22.50 Other Comprehensive Income/(Loss) (18.37) (12.03) (2.90) 2.96
1,064.63 1,167.40 1,349.75 1,082.08
outstanding claims 1,987.50 1,940.56 1,316.00 1,356.40 APPROPRIATIONS
Balance at commencement of year 1,193.32 1,148.49 1,104.05 1,055.97
Deferred commission expense 269.69 243.96 260.64 203.33 Foreign Currency translation difference-
net of Tax 3.48 1.85 (7.70)
Other assets 3,351.39 3,146.21 2,613.05 2,341.02 Dividend 549.19 470.73 863.01 409.33
Reserve for bonus share/bonus shares issued 235.37 - - 204.67
Special Reserve 100.00 300.00 100.00 100.00
Leased motor vehicle - - - - 1,188.04 1,122.58 1,305.31 1,034.00
Assets at market value 25,077.00 24,612.00 20,866.00 18,989.00

Net working capital (Rs.) 9,085.56 8,520.37 7,542.83 6,811.72 Management expenses to net premium % 29.50 30.13 26.14 26.26
Stock dividend 235.37 - - 204.67
20,000 8,000 3,000 5,000
7,000 2,500
15,000 6,000 4,000
5,000 2,000
3,000
10,000 4,000 1,500
3,000 1,000 2,000
5,000 2,000 1,000
1,000 500
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
10,500 2,500 1,600 1,400
10,000 1,400 1,200
2,000 1,200
9,500 1,000
1,500 1,000 800
9,000 800
1,000 600 600
8,500 400
500 400
8,000 200 200
7,500 - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
85
Together We Assure
THE PAKISTAN GENERAL INSURANCE
CO. LTD.
PGI
Ch. Mazhar Zahoor
Ch. Mazhar Zahoor Note: Figures for the year 2017 are unaudited. (PKR in million)
Mrs. Parveen Zahoor 2017 2016
Mr. Sajid Rabbani
Mrs. Nasira Raees Premium written 201 352
Mr. Muhammad Haroon Net premium revenue 271 251
Ch. Habibullah Claims expense 4.2 82
Mr. Malik Ejaz Nazir Net claims expense 4.1 85
The Pakistan General Insurance Company Limited is Chairman : Mrs. Parveen Zahoor
committed to provide quality insurance services by virtue
of sound professionalism and risk management expertise, Chief Executive Officer : Ch. Mazhar Zahoor
to provide better coverage and satisfaction to their
customers. Company Secretary : Ch. Mohsin Ali
Chief Accountant : Mr. Javed Khan
Legal Advisor : Mr. Javed Iqbal
Auditors : Muniff Ziauddin & Co.

Our aim is to provide cost effective insurance covered to
Registered & Main
our customers. We follow good governance and sound
Office : PGI House 5-A, Bank Square,
professionalism to become a well reputed and respected
The Mall Lahore
corporate entity in the eyes of all stakeholders. We strive
to maintain a customer focus approach by ensuring that
our services are delivered to the customers in time, Number of Employees : 147
according to the required specifications and within our
stipulated cost.
86
Together We Assure
THE PAKISTAN GENERAL INSURANCE CO. LTD.

Note: Figures for the year 2017 are unaudited. (PKR in million) Note: Figures for the year 2017 are unaudited. (PKR in million)

Premium deficiency reversal/(expense) - - - 10.00
639.00 651.00 648.00 582.00
Commission Income unearned - - 21.00 18.00 Investment income 12.00 16.00 24.00 22.00
Total 98.00 208.00 270.00 271.00
Other liabilities 112.00 1.00 10.00 11.00 General and administration expenses 66.00 51.00 40.00 39.00
TOTAL EQUITY AND LIABILITIES 902.50 949.00 975.00 894.00
Finance charges on lease rentals 4.80 0.50 0.40 0.50
Loans - secured considered good 4.40 4.50 4.40 0.20 Profit before tax 45.16 46.00 69.60 49.50
Investments 2.10 4.47 34.90 49.10
Provision for taxation (16.00) 11.00 3.00 5.00
Deferred tax - - - - Profit after tax 61.16 35.00 66.60 44.50

outstanding claims - - 2.00 5.30 APPROPRIATIONS
Deferred commission expense 10.00 24.75 23.60 25.00 Effect of prior error - (74.00)
Dividend - 30.00 - -
Other assets 285.00 394.95 472.50 282.80 Reserve for bonus share/bonus shares issued - - - -
General reserve - - - 25.00
Fixed assets 127.00 121.74 98.40 97.40
- 30.00 - 25.00
TOTAL ASSETS 902.50 949.00 975.00 894.00 Balance unappropriated profit at end of year 114.86 53.70 122.70 56.10

Break-up value 13.77 16.28 16.20 15.52 Cash dividend - 30.00 - -
1,000 660 140 300
640 120 250
950 620 100 200
80
600 150
60
900 580 40 100
560 20 50
850 540 - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
350 350 70 35
300 300 60 30
250 250 50 25
200 200 40 20
150 150 30 15
100 100 20 10
50 50 10 5
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
87
Together We Assure
PREMIER INSURANCE LIMITED
Mr. Zahid Bashir
Mr. Khalid Bashir (PKR in million)

Mr. Zahid Bashir 2017 2016
Mr. Nadeem Maqbool
Mr. Imran Maqbool Premium written 849 1,115
Mr. Khurram Mazhar Net premium revenue 517 623
Mr. Shams Rafi Claims expense 705 1,129
Mr. Asadullah Khawaja
Mr. Attaullah A. Rasheed
Net commission expense 76 92
Profit / (loss) after tax (112) (331)
Our vision is to be the first choice company for all Chairman : Mr. Khalid Bashir
stakeholders, while achieving the stature of the market
leader in the general insurance industry of Pakistan. Chief Executive Officer : Mr. Zahid Bashir
Company Secretary : Mr. Zeeshan Sattar
Chief Financial Officer : Mr. Rao Ali Zeeshan
Legal Advisor : Arfin & Company Advocates
Auditors : Deloitte Yousuf Adil,

MISSION
Our mission is to be a professionally managed and financially Registered & Main
sound, top general insurance strives to work in the interest Office : 5th Floor, State Life Building No. 2A,
of all stakeholders including our clients, employees, Wallace Road, Karachi-74000,
reinsurers, shareholders and the nation. Pakistan
90
Together We Assure
PREMIER INSURANCE LIMITED


Reserves and retained earnings 628.06 824.18 1,260.18 1,225.43
1,133.71 1,242.07 1,608.42 1,528.25 Less: Net claims 350.39 628.31 363.67 347.12
Provision for outstanding claims Less: Expenses 214.08 334.97 228.94 212.68
(including IBNR) 1,221.42 1,161.64 572.54 466.61
Provision for unearned premium - net 389.88 509.56 642.77 595.86 Less: Net commission 76.05 92.33 104.04 143.77
Additional provision for unexpired risk - -
Commission Income unearned 33.36 42.16 27.30 33.09 Underwriting result (122.69) (432.24) 73.49 (9.07)
Total 1,644.66 1,713.35 1,242.61 1,095.55
Deferred liabilities 7.35 13.44 13.56 32.35 Investment income 132.37 258.54 140.30 145.73
Liabilities against assets subject to Rental income - - 4.51 4.69
finance lease 1.61 5.64 3.58 -
Creditors and accruals 644.88 698.55 788.20 747.08 Gain on disposal of fixed assets 8.26 7.93 1.31 0.54
Other liabilities 26.17 26.24 27.78 26.76 Other income 6.72 7.49 - -
Total liabilities of Window Takaful General and administration expenses (129.89) (139.30) (90.29) (101.38)
Operations - Operator's Fund 43.23 45.85 1.28 -
TOTAL EQUITY AND LIABILITIES 3,501.62 3,745.15 3,685.41 3,429.98 Profit / (Loss) before tax from WTO - OPF 6.76 (27.55) (5.90) -
Cash and bank deposits 149.28 417.71 84.80 150.99 Exchange gain - - - -
Loans - secured considered good - 1.48 1.48 1.48 Finance charges on lease rentals - - - -
Investments 1,109.58 905.30 1,143.59 1,121.13
Profit before tax (98.47) (325.13) 123.42 40.51

Reinsurance recoveries against (Loss)/Profit after tax (112.44) (330.71) 110.62 34.65
APPROPRIATIONS
Other assets 943.36 1,159.51 1,605.98 1,442.97 Balance at commencement of year (280.10) 51.42 (59.03) (93.94)
(Loss)/Profit after tax (112.44) (330.71) 110.62 34.65
Fixed assets 253.34 269.86 234.91 244.65 Other Comprehensive income for the year 4.07 (0.82) (0.16) 0.26
Leased motor vehicle 10.13 12.64 4.76 - Dividend - (34.82) (30.28) (60.56)
Reserve for bonus share/bonus shares issued (87.76) (69.65) (45.42)
Total Assets of Window Takaful General reserve 87.76 104.47 75.71 60.56
Operations - Operator's Fund 96.14 80.30 51.31 -
Balance unappropriated profit at end of year (388.47) (280.10) 51.42 (59.03)
TOTAL ASSETS 3,501.62 3,745.15 3,634.10 3,429.98
BALANCE SHEET RATIOS Net profit after tax to net premium % (21.71) (53.05) 14.36 4.99
Total assets / net worth 3.09 3.02 2.26 2.24 Earning per share (Rs.) (2.22) (7.91) 3.18 1.14
Break-up value 22.42 29.72 46.19 50.47 Cash dividend - (34.82) (30.28) 60.56
Stock dividend (87.76) (69.65) (45.42) -
3,800 2,000 700 1,000
37,00 600 800
1,500 500
3,600
400 600
3,500 1,000
300 400
3,400 200
500 200
3,300 100
3,200 - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1400 450 150 100
1200 400 100
50 -
1000 350 -
300 (50)
(100)
800 250 (100) (200)
600 200 (150)
150 (200) (300)
400 (250)
100 (300) (400)
200 50 (350)
- - (400) (500)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
91
Together We Assure
RELIANCE INSURANCE COMPANY LIMITED
Mr. A. Razak Ahmed
Mr. A. Aziz Ayoob (PKR in million)
Mr. Irfan Zakaria Bawany 2017 2016
Mr. Mohammad Omar Bawany
Mr. Zohair Zakaria
Premium written 1155 1202
Mr. Ahmed Ali Bawany
Net premium revenue 358 359
Mr. Noor M. Zakaria
Mr. Hamza Omar Bawany
Mr. Muhammad Iqbal
Management expenses 138 132
Profit / (loss) after tax (47) 101

To be recognized as a professional and dependable business Chairman : Mr. Ismail H. Zakaria
entity committed to play a meaningful role in the development
of insurance industry in Pakistan and to safeguard the Chief Executive Officer
legitimate interests of all stakeholders, namely policy- & Managing Director : Mr. A. Razak Ahmed
holders, shareholders, reinsurers, employees and all other
business associates / partners. Company Secretary
& Chief Finance officer : Mr. Haroon A. Shakoor
Legal Adviser : Mr. Abdul Sattar Pingar
MISSION Auditors : Kreston Hyder Bhimji & Co.

To provide quality service and protection to its clients
aiming at achieving a respectable volume of business and Registered Office : 96-A, S.M.C.H.S, Karachi
become a prominent player through good governance and
sound professionalism focusing to become a well-known Main Office : Reliance Insurance House
and respected Corporate entity in the eyes of Society and
181-A, S.M.C.H.S. Karachi
Government
92
Together We Assure
RELIANCE INSURANCE COMPANY LIMITED


Authorized share capital 750 750 500 500 Net premium revenue 357.65 359.41 316.42 295.75
791.26 863.53 786.04 725.22
Total 739.38 782.58 868.21 764.83
Deferred liabilities Rental income
Creditors and accruals 234.42 158.82 111.07 104.98 Other income 2.65 (0.58) 1.29 2.81
Exchange gain
Finance charges on lease rentals - (0.04) (0.20) (0.05)
Cash and bank deposits 186.93 146.96 133.93 104.50 (96.63) 51.25 41.57 57.09
Loans - secured considered good 1.34 0.99 1.42 1.53 Profit before tax (25.55) 115.54 90.79 96.54
Investments 671.28 751.66 653.67 584.87
Investment properties Provision for taxation 21.20 14.85 9.80 6.40
Deferred tax
Profit after tax (46.74) 100.69 80.99 90.14
APPROPRIATIONS
Other assets 614.66 591.40 551.97 538.81 Dividend 25.52 23.20 20.17 18.34
Reserve for bonus share/bonus shares issued 51.04 46.39 60.52 36.67
TOTAL ASSETS 1,783.44 1,811.46 1,766.57 1,595.94 Balance unappropriated profit at end of year (20.15) 133.15 122.06 141.76

Net profit after tax to net premium % (13.07) 28.02 25.60 30.48
Total assets / net worth 2.25 2.10 2.25 2.20 Cash dividend 25.52 23.20 20.17 18.34
Break-up value 14.09 16.92 16.94 17.98 Stock dividend 51.04 46.39 60.52 36.67
1,900 900 105 400
350
1,800 850 100 300
1,700 800 95 250
200
1,600 750 90 150
1,500 700 85 100
50
1,400 650 80 -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
800 200 120 120
700 100 100
600 150 80
500 60 80
400 100 40 60
20
300 - 40
200 50 (20)
100 20
(40)
- - (60) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
93
Together We Assure
SPI INSURANCE COMPANY LIMITED.
Mian M.A. Shahid
Mr. Khurram Khan (PKR in million)
Mr. Uzman Naveed Chaudhary 2017 2016

Mr. Abdul Majeed Premium Written 701 678
Mr. Muhammaed Saleem Sheikh Net Premium Revenue 562 529
Mr. Mohammad Asghar Claims Expense 176 183

Chairman : Mr. Aziz Ullah Memon
Our vision is to be the quality insurance service provider,
recognized and appraised by performance and product Chief Executive Officer : Mian M.A. Shahid
development to cater the changing needs of customers
and continuous growth of human resources. Company Secretary : Mr. Noshad Ahmed
Chief Financial Officer : Mr. Naeem Tariq
Legal Advisors : M/s Mandviwalla & Zafar

M/s Kilam Law
Auditors : M/s RSM Avais Hyder Liaquat Nauman

MISSION Registered Office : Suite # 204-A, Second Floor,
We wish to become a dynamic insurance service provider, Madina City Mall,
maintaining credibility and reputation while growing revenues Abdullah Haroon Road, Karachi.
Phone # (021) 37010190, 35221805
over the coming years and improving insurance/takaful Fax # (021) 35221806
products by utilizing latest technologies. SPI Insurance
Company Limited focusing to build up a team of Main Office : UIG House,
professionals by imparting exhaustive training, education 6 - D Upper Mall, Lahore.
and career orientation for the benefit of the insurance Phone # (042) 35776561-62,67,68,
industry. We shall endeavor our utmost to render the best 35756563
Fax # (042) 35776560
possible services to our clients. E-mail: info@spiinsurance.com.pk
Website: www.spiinsurance.com.pk
94
Together We Assure
SPI INSURANCE COMPANY LIMITED


Authorized share capital 1,000.00 1,000.00 1,000.00 500.00 Net premium revenue 561.91 529.28 488.37 404.13
Premium deficiency reversal/(expense) 4.17 (1.50) (2.65) 3.58
523.31 432.26 397.22 328.53
Less: Expenses 240.07 198.99 132.23 118.14
Waqf / Participants' Takaful Fund - (PTF)
Ceded money - - - 0.50 Less: Net commission 86.61 62.66 58.68 56.52
Accumulated surplus - - - 0.03
- - - 0.53 Underwriting result 40.47 51.03 150.05 110.24
Provision for outstanding claims Investment income 14.26 12.71 10.17 12.37
(including IBNR) 178.74 139.30 53.98 78.38
Provision for unearned premium - net 268.88 270.95 240.05 211.73 Rental income - - - -
Commission Income unearned 9.07 9.62 7.72 0.71 Other income 3.22 10.64 9.46 3.18
Total 456.69 424.04 304.39 290.82
Deferred liabilities 12.26 13.45 23.86 8.05 General and administration expenses (20.91) (14.83) (72.85) (52.76)
Creditors and accruals 29.31 25.41 60.58 30.16 Exchange gain - - - -
Other liabilities 156.41 140.84 60.87 - Finance charges on lease rentals (1.55) (1.34) (0.87) -
(4.98) 7.18 (54.09) (37.20)
TOTAL EQUITY AND LIABILITIES 1,177.98 1,036.00 846.91 658.09
Cash and bank deposits 43.84 59.95 83.55 114.20 Profit before tax from conventional operations 35.49 58.21 95.97 73.04
Investments 232.19 156.29 92.15 67.13 Profit/(loss) from window takaful operations 12.96 6.50 2.99 (0.71)
Deferred tax 18.72 25.84 23.56 19.27
outstanding claims 69.52 70.27 30.51 54.94 Profit after tax 44.15 36.79 72.10 40.34
Deferred commission expense 35.29 40.74 33.02 26.91 APPROPRIATIONS

Balance at commencement of year 22.55 72.22 3.53 (35.63)
Other assets 527.60 464.50 494.03 326.29 Acturial (loss) / gain on defined benefit plan (2.97) (1.46) (3.41) (1.18)
Dividend - - - -
Fixed assets 69.83 71.78 72.25 47.50 Reserve for bonus share/bonus shares issued (40.00) (85.00) - -
General reserve - - - -
Leased motor vehicle 27.53 25.75 16.68 - (20.42) (14.24) 0.12 (36.81)

Stock dividend (40.00) (85.00) - -
1,500 600 250 600
500 200 500
1,000 400 400
150
300 300
100 200
500 200
100 50 100
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
250 120 80 80
100 70 70
200 60 60
80 50 50
150
60 40 40
100 40 30 30
50 20 20
20 10 10
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
95
Together We Assure
SECURITY GENERAL INSURANCE
COMPANY LIMITED
Mr. Farrukh Aleem
Mian Hassan Mansha (PKR in million)

Mr. Muhammad Azam 2017 2016
Mr. Mahmood Akhtar
Mr. Inayat Ullah Niazi Premium Written 2,000 2,087
Mr. Badar ul Hassan Net Premium revenue 503 446
Net Commission/Income 19 25
Profit/Loss after Tax 825 799
MISSION COMPANY INFORMATION
SGI to become a leader in insurance through innovation, Chairman : Mian Hassan Mansha
competitive advantage, customer satisfaction and
stakeholder confidence. Chief Executive Officer : Mr. Farrukh Aleem
Company Secretary : Mr. Khalid Mahmood Chohan
Chief Financial Officer : Hafiz Khuram Shahzad
Legal Advisor : Hamid Law Associates
Auditors : A.F. Ferguson & Company

Registered & Main

Office : SGI House, 18 C / E1,
Gulberg III, Lahore.
Tel: 92-42-35775024-29
Fax: 92-42-35775030
E-mail: sgi@sgicl.com
Web: www.sgicl.com
96
Together We Assure
SECURITY GENERAL INSURANCE COMPANY LIMITED

Equity REVENUE ACCOUNT

Authorized Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 Net Premium Revenue 502.53 445.68 441.23 524.07
Issued subscribe and paid-up Capital 680.63 680.63 680.63 680.63
Reserves and retained earnings 9,366.12 8,882.61 8,424.54 7,814.06 Less: Net Claims (94.44) (74.70) 124.53 231.65
10,046.75 9,563.24 9,105.17 8,494.69
Underwriting Provisions Less: Expenses (79.04) (74.82) 75.51 89.07
(including IBNR) 1,111.32 893.35 1,058.32 507.15 Less: Net Commission (18.66) (25.50) 41.43 29.19
Provision for unearned premium - net 1,041.06 959.22 872.96 888.32 Underwriting result 310.39 270.66 199.76 174.16
Commission Income Unearned 71.13 52.23 49.95 82.53 Investment Income 1,082.59 1,016.53 1,018.30 850.00
Total 2,223.50 1,904.80 1,981.24 1,478.00
Deferred Liabilities (Defered Taxation) 4.49 5.02 0.83 4.71 Rental Income - - - -
Creditors and Accruals 166.99 154.06 821.78 1,055.70 Other Income 16.33 26.65 1.46 46.00
Other Liabilities 1,182.44 961.03 95.04 - General and administration expenses 124.32 120.43 121.11 96.99
Finance charges on lease rentals 6.87 7.14 4.19 1.77
Cash and Bank Deposits 694.55 436.53 348.59 836.80 967.73 915.62 894.45 797.24
Loans - Secured Considered Good - - - - Profit before tax 1,278.12 1,186.28 1,094.21 971.39
Investment 9,404.21 9,126.92 8,347.69 7,535.30

Investment Properties - - - -
Deferred Tax 21.70 23.52 29.46 26.42 Profit after tax 824.72 799.58 913.77 897.03
Reinsurance Recoveries Against
Outstanding Claims 971.91 753.61 920.86 423.56 APPROPRIATIONS
Balance at commencement of year 8,880.61 8,422.54 587.15 -
Deferred Commission Expense 82.53 65.22 73.87 110.44
Dividend 340.31 340.31 306.28 306.28
Other Assets 2,332.01 2,074.88 2,176.12 1,980.43 Reserve for Bonus Share/Bonus Shares issued - - - -
General Reserve - - - -
Fixed Assets 117.25 107.46 107.47 120.14 Other comprehensive income: remeasurement 0.90 1.20 (2.99) 3.60
of defined benefit obligation
Leased Motor Vehicle - - - - 341.21 341.51 303.29 309.88
TOTAL ASSETS 13,624.16 12,588.14 12,004.05 11,033.10 Balance Unappropriated profit at end of year 9,364.12 8,880.61 1,197.63 587.15
Assets at Market Value
Claims incurred to net premium % (18.79) (16.76) 28.22 44.20
BALANCE SHEET RATIOS Net Profit after tax to net premium % 164.11 179.41 207.10 171.17
Net Working Capital (Rs.) 1,537.73 1,256.59 1,470.42 1,677.95 Management expenses to net premium % (15.73) (16.79) 17.11 17.00
Current Ratio 1.62 1.63 1.74 2.07 Commission to net premium % (3.71) (5.72) 9.39 5.57
Total Assets / Net Worth 1.36 1.32 1.32 1.30 Earning per share (Rs.) 12.12 11.75 13.43 13.18
Break-up Value 147.61 140.51 133.78 124.81 Cash Dividend 340.31 340.31 306.28 306.28
Stock Dividend - - - -
15,000 10,500 250 540
10,000 200 520
150 500
10,000 9,500 100 480
9,000 50 460
5,000 8,500 - 440
(50) 420
8,000 (100) 400
- 7,500 (150) 380
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
10,000 900 940 10,000
9,000 800 920
8,000 700 900 8,000
7,000 600 880
6,000 500 860 6,000
5,000 400 840
4,000
300 820 4,000
3,000 800
2,000 200 780 2,000
1,000 100 760
- - 740 -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
97
Together We Assure
SHAHEEN INSURANCE COMPANY LIMITED
Mr. Sohel N. Kidwai
Air Marshal Muhammad Jamshed Khan (Retd.) (PKR in million)
Air Vice Marshal Syed Razi Ul Hassan Nawab (Retd.) 2017 2016
Air Commodore Zafar Yasin (Retd.)
Mr. Aamir Shahzad Mughal
Net premium revenue 300 264
Air Commodore Jamshed Iqbal (Retd.)
Air Commodore Sikander Niaz (Retd.)
Group Captain Javed Akhtar Khan (Retd.)
COMPANY INFORMATION
VISION
Chairman : Air Marshal Muhammad -
To deliver general insurance at its best and to contribute Jamshed Khan (Retd.)
positively and proactively for the welfare of our society at
large as well as for the preservation of our environment, Chief Executive Officer : Mr. Sohel N. Kidwai
culture and ethics
Company Secretary
& CFO : Mr. Nisar Ahmed Almani
Head of Operations : Mr. Zia Mehdi
Legal Advisor : Shaukat Law Associates

MISSION
Auditors : Riaz Ahmed & Company
Our mission is to continuously improve our selves to Chartered Accountants
become a leading profitable Company, meeting the needs
of our customers and enhancing the value of our Registered & Main
shareholders investment.
Office : 10th Floor, Shaheen Complex,
M.R. Kayani Road, Karachi
We will accomplish this by using the strengths of our
people and the application of innovative science for the
development of new insurance products and services that
are high in quality and competitive in price.
98
Together We Assure
SHAHEEN INSURANCE COMPANY LIMITED


Authorized share capital 1,000.00 1,000.00 600.00 600.00 Net premium revenue 299.58 264.55 225.23 229.62
Premium deficiency reversal/(expense) 3.32 (2.37) 2.76 -
Accumulated Loss 0.2769 (63.60) (103.73) (129.92)
620.28 406.40 366.27 340.08
Additional provision for unexpired risk 0.04 3.37 1.00 3.76
Total 260.21 264.10 312.76 358.93
Deferred liabilities Rental income 3.30 3.13 2.71 2.30
TOTAL EQUITY AND LIABILITIES 1,041.24 770.63 780.91 786.74 Exchange gain
Cash and bank deposits 439.20 218.26 174.42 230.40 Finance charges on lease rentals
(21.57) (44.06) (37.59) (55.81)
Loans - secured considered good 0.00 0.00 - 0.05
Investments 277.56 281.30 280.45 238.65
Provision for taxation 10.46 2.64 (3.24) (2.32)
Investment properties 32.45 20.52 22.37 58.96 Prior 23.70 3.47
Deferred tax - - - - Profit after tax 63.87 40.14 26.18 12.96

Balance at commencement of year (63.59) (103.73) (129.92) (142.88)
Deferred commission expense 30.86 25.57 22.11 -
Dividend
Other assets 244.65 172.92 191.21 217.40 Reserve for bonus share/bonus shares issued
General reserve
Fixed assets 10.24 42.13 41.03 10.45
- - (129.92) (142.88)
TOTAL ASSETS 1,041.24 770.63 780.90 786.76 Balance unappropriated profit at end of year 0.28 (63.59) 26.18 12.96

Total assets / net worth 1.68 1.90 2.13 2.31 Cash dividend - - - -
Break-up value 10.34 9.03 8.14 7.56 Stock dividend - - - -
1,200 700 120 350
1,000 600 100 300
800 500 80 250
400 60 200
600
300 150
400 200 40 100
200 100 20 50
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
312 500 70 -
310 450 (20)
308 400 60
306 350 50 (40)
304 300 (60)
302 40 (80)
250
300
200 30 (100)
298
296 150 20 (120)
294 100 10
292 50 (140)
290 - - (160)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
99
Together We Assure
SINDH INSURANCE LIMITED
Mr. Muhammad Faisal Siddiqui
Dr. Noor Alam (PKR in million)
Mr. Ahmed Salah Uddin 2017 2016
Mr. Raja Muhammad Abbas
Premium written 403 2,409
Mr. M. Aley Abid
Net premium revenue 1,619 640
Syed Zahid Hussain
Syed Akhtar ul Islam
Net commission income/(expenses) 752 58
Reaching everyone for insurance and to meet expectations Chairman : Mr. Muhammad Bilal Sheikh
of our customers and shareholders
Chief Executive Officer : Mr. Muhammad Faisal Siddiqui
Company Secretary
& CFO : Mr. Nadeem Akhter
Legal Advisor : Nadeem Khan Advocate
Auditors : Riaz Ahmed & Company
Registered & Main

MISSION Office : 1st Floor, Imperial Court,
Dr. Zia Uddin Ahmed Road,
To provide best returns to our shareholders, job opportunities
Karachi.
to the people and premium service at competitive price to
our customers Number of Employees : 20
100
Together We Assure
SINDH INSURANCE LIMITED


Authorized share capital 1,500.00 1,500.00 500.00 500.00 Net premium revenue 1,618.93 640.42 20.51 (0.46)
Premium deficiency reversal/(expense) (6.49) (0.63) - -
Issued subscribed and paid-up capital 1,000.00 500.00 500.00 500.00
1,280.93 656.05 599.34 532.03
(including IBNR) 1,191.76 492.76 7.49 0.12 Less: Net commission 751.89 57.96 (0.85) -
Provision for unearned premium - net 360.66 1,717.30 44.40 2.09 Underwriting result 16.83 31.46 (15.78) (6.39)
Additional provision for unexpired risk 7.12 0.63 -
Total 1,566.04 2,215.85 54.43 2.62
Deferred liabilities 1.89 1.92 1.93 1.46 Rental income - -
Exchange gain
TOTAL EQUITY AND LIABILITIES 3,477.82 2,985.81 676.77 543.79
Cash and bank deposits 2,917.16 1,650.63 53.34 135.34 161.49 51.11 112.94 54.19
Loans - secured considered good Profit before tax 178.32 82.57 97.16 47.80
Investments 130.49 894.93 526.31 355.23

Investment properties -
Deferred tax - Profit after tax 124.88 56.70 67.32 32.03

outstanding claims 16.93 6.37 1.42 - APPROPRIATIONS
Balance at commencement of year 156.05 99.34 32.03 -
Dividend
Other assets 387.15 405.89 66.32 27.40 Reserve for bonus share/bonus shares issued
General reserve
Fixed assets 24.10 26.09 28.08 25.38
- - - -

Claims incurred to net premium % 47.17 80.57 64.60 (26.09)
BALANCE SHEET RATIOS Net profit after tax to net premium % 7.71 8.85 328.23 (6,963.04)
Net working capital (Rs.) 1.82 3.41 4.24 20.86 Management expenses to net premium % 4.95 5.37 116.48 (1,263.04)
Current ratio 1.82 3.41 4.24 20.86 Commission to net premium % 46.44 9.05 (4.14) -
4,000 1,400 1,000 2,00
1,200
3,000 800 1,500
1,000
800 600 1,000
2,000
600 400 500
1,000 400
200 -
200
- - - (500)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,000 3,500 140 1
900
800
3,000 120 1
700 2,500 100
600
2,000 80 1
500
400 1,500 60 0
300 1,000 40
200
500 20 0
100
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
101
Together We Assure
TPL Insurance TPL INSURANCE LIMITED
Mr. Saad Nissar
Mr. Jameel Yusuf (PKR in million)
Mr. Ali Jameel 2017 2016
Mr. Saad Nissar Premium written 1384 1,370
Syed Nadir Shah
Mr. Bilal Bin Zafar
Mr. Andrew Borda
Mr. Waqar Ahmed Malik

Chairman : Mr. Jameel Yusuf
To evolve as a dominant insurance player in Pakistan by
exploiting profitable niches through deployment of cutting-
Chief Executive Officer : Mr. Saad Nissar
edge technology and proficient human capital.
Company Secretary : Mr. Danish Qazi
Chief Financial Officer : Mr. Shehzad Dhedhi
Legal Advisor : Lari & Co.

Maritime & Insurance Advocates
Auditors : E & Y Ford Rhodes

To combine aggressive strategic marketing with effective
and efficient execution; providing incomparable service Registered & Main
and product innovations to continuously create sustainable Office : 11th & 12th Floor, Centrepoint,
value for our stakeholders. Off Shaheed-e-Millat Expressway,
Near KPT Interchange Flyover,
Karachi, Postal Code: 74900
104
Together We Assure
TPL INSURANCE LIMITED


Premium deficiency reversal/(expense) - 7.33 (2.02) (5.31)
1,121.30 1,044.99 941.19 464.76
Additional provision for unexpired risk - - 7.33 5.31
Commission Income unearned 4.35 4.57 - - Investment income 19.34 49.41 42.48 13.77
Total 805.74 831.03 693.85 695.88
Deferred liabilities - 2.39 - 15.14 Rental income - - -
Other liabilities 354.47 237.05 134.17 45.01 General and administration expenses 201.59 139.44 (159.62) (134.62)
TOTAL EQUITY AND LIABILITIES 2,500.62 2,280.23 1,870.59 1,269.75 Exchange gain - - -
Cash and bank deposits 133.59 176.42 190.68 8.95 Finance charges on lease rentals 0.76 (0.40) (0.53) (0.57)
367.98 326.31 (6.95) (38.85)
Investments 1,069.46 821.77 726.98 49.94
Deferred tax 21.23 - 1.31 -

Profit after tax 105.03 103.17 33.28 25.93
APPROPRIATIONS
Deferred commission expense 61.62 60.87 59.56 80.29 Balance at commencement of year 151.15 45.72 12.44 (13.49)
Other assets 1,099.56 862.07 682.48 815.53 Other Comprehensive Income (28.71) 0.64
Due to Effect of Change in accounting policy 1.62
Fixed assets 91.38 361.16 384.71 313.54 Dividend
Leased motor vehicle - - - - General reserve
- - - -

3,000 1,200 1,000 2500
2,500 1,000 800 2000
2,000 800
600 1500
1,500 600
400 1000
1,000 400
500 200 200 500
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,200 250 120 1
1,000 200 100 1
800 150 80 1
600 60
100 0
400 40
200 50 20 0
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
105
Together We Assure
UBL INSURERS LIMITED
L I M I T E D
Mr.Zeeshan Raza
Mr. Aameer Karachi Walla (PKR in million)
Mr. Zameer Muhammad Choudrey 2017 2016
Mr. Rizwan Pervez Premium written 2760 2334
Mr. Sharjeel Shahid Net premium revenue 1012 873
Mr. Zia Ijaz Claims expense 1457 1799
Syed furrukh Zaeem Net claims expense 420 453
Mr. Abdul Sattar Vaid Net commission / (income) (63) (68)

Chairman : Mr. Aameer Karaciwalla
Our vision is to establish a position as the premier choice
for corporate and consumer sector.
Chief Executive Officer : Mr. Zeeshan Muhammad Raza
(Acting)
Company Secretary : Mr. Abdul Sattar Vaid
Chief Financial Officer : Mr. Nadeem Raza
Legal Advisor : Warsi Associates
MISSION Auditors : KPMG Taseer Hadi & Co.
Our mission is to become a reputable general insurer of Registered Office : 126-C Jami Commercial,
the country by providing dedicated service to our customers. Street no.14, Phase-VII, DHA,
This will be accomplished by recognizing the customer Karachi
needs and providing suitable products at affordable prices
Main Office : 126-C Jami Commercial Street 14
and servicing the claims within optimum time frame. DHA Phase- VII Karachi
106
Together We Assure
UBL INSURERS LIMITED


Authorized share capital 1,500.00 1,500.00 1,500.00 1,500.00 Net premium revenue 1,012.18 872.90 534.56 385.19
Premium deficiency reversal/(expense) 10.88 (10.91) - -
Discount on issue of Right shares (352.17) (352.17) (352.17) (352.17) Less: Net claims (419.97) (452.95) (203.79) (176.74)
Reserves and retained earnings 350.76 192.09 63.36 (46.95)
1,150.76 992.09 863.36 753.05 Less: Expenses (345.49) (240.11) (191.99) (128.14)
Provision for outstanding claims Less: Net commission 63.37 67.76 9.55 24.40
(including IBNR) 1,340.87 1,177.70 766.84 578.17 Underwriting result 320.97 236.69 148.33 104.71
Provision for unearned premium - net 1,066.26 762.34 611.96 457.06
Additional provision for unexpired risk ` 10.91 Investment income 44.12 73.99 88.20 74.61
Commission Income unearned 139.46 88.98 68.91 45.95
Total 2,546.59 2,039.94 1,447.71 1,081.18 Rental income - - - -
Deferred liabilities Other income 7.34 (4.52) 7.06 3.75
Creditors and accruals 177.15 319.42 216.58 156.90 General and administration expenses (125.05) (109.89) (96.78) (81.18)
Exchange gain - 0.28 (0.11)

Finance charges on lease rentals - - -
(73.60) (40.41) (1.25) (2.93)
Cash and bank deposits 86.05 30.50 77.81 183.32 Profit before tax 247.37 196.28 147.08 101.78
Investments 863.69 784.38 864.02 509.28
Provision for taxation (80.38) (59.69) (47.57) (41.95)
Deferred tax 13.65 6.05 - 21.79 Profit after tax 167.00 136.60 99.51 59.83
Reinsurance recoveries against APPROPRIATIONS
outstanding claims 1,178.13 1,052.58 606.80 461.89 Balance at commencement of year 187.30 51.87 (46.95) (106.27)
Deferred commission expense 122.93 84.44 69.31 48.16 Dividend
Other assets 1,828.77 1,494.23 969.51 799.83 General reserve
Fixed assets 84.52 82.57 76.64 57.51 - - - -

Balance unappropriated profit at end of year 351.64 187.30 51.87 (46.95)
TOTAL ASSETS 4,179.12 3,536.61 2,665.40 2,082.78
Assets at market value Claims incurred to net premium % 41.49 51.89 38.12 45.88
BALANCE SHEET RATIOS
Management expenses to net premium % 34.13 27.51 35.92 33.27
Net working capital (Rs.) 1,270 895 533 618
Commission to net premium % (6.26) (7.76) (1.79) (6.33)
Current ratio 1.70 1.53 1.48 1.75
Earning per share (Rs.) 1.45 1.19 0.86 0.52
Total assets / net worth 3.63 3.56 3.09 2.77
Break-up value 9.99 8.61 7.49 6.54
5,000 1,400 500 1,200
4,000 1,200 400 1,000
1,000 800
3,000 800 300
600
2,000 600 200
400 400
1,000 200 100 200
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,000 200 180 1
900 160
800 150 140 1
700 120
600 100 1
500 100 80
400 60 0
300 50
200 40 0
100 20
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
107
Together We Assure
THE UNITED INSURANCE COMPANY
OF PAKISTAN LIMITED
PAKISTAN
Rated AA- by PACRA
Mr. Muhammad Rahat Sadiq
Mr. Khawas Khan Niazi (PKR in million)
Ms. Huma Waheed 2017 2016
Mr. Agha Ali Imam Premium written 4,164 3,782
Mr. Jamil A. Khan Net premium revenue 2,679 2,473
Mr. Taseer Yousaf Makhdoom Claims expense 2,746 1,576
Net claims expense 1,287 935
VISION Management expense 921 798
A first class Insurance Company / Window Takaful operator Profit / (loss) after tax 292 278
to provide cost effective risk Management solutions to its
Policyholders / participants through highest level of quality. COMPANY INFORMATION
Chairman : Mr. Javaid Sadiq
Chief Executive : Mr. Mohammad Rahat Sadiq

MISSION Officer
l For our customers Company Secretary : Mr. Athar A. Khan

To provide superior services through high quality
Chief Financial Officer : Mr. Maqbool Ahmad
business solutions and health protection, based on
expert advice and financial management and adding Legal Advisor : Mohammed Farooq Sheikh (Advocate),
value to all the corporate and non corporate customers. Mian Asghar Ali (Advocate)
l For our Members Auditors : Ilyas Saeed & CO
To maximize the members' value by optimum utilization Chartered Accountants
of resources.
Registered Office : 204, 2nd Floor, Madina City Mall,
l For our Employees Abdullah Haroon Road, Karachi,
To provide opportunities for self - development in a Pakistan.
Tel: (+92-21) 35621460-62.
highly challenging performance oriented Work
environment. Main Office : Head Office: UIG House, 2nd Floor,
6-D, Upper Mall, Lahore, Pakistan.
l For the Society Toll Free: 0800-84275.
To ensure good governance by maintaining high ethical Telephone: (+92-42) 35776475 to 83,
standards and risk coverage. 042-35776485
l For the Government Number of Employees: 782

Prompt and timely liquidation of liabilities and adherence
to the policies established.
108
Together We Assure
THE UNITED INSURANCE COMPANY OF PAKISTAN LIMITED


Authorized share capital 3000 3000 2000 2000 Net premium revenue 2679 2473 2152 1537
Premium deficiency reversal/(expense) -17.03 3.57 -5.26 0.00
Reserves and retained earnings 640 785 958 725 Less: Net claims 1287 935 742 419
2642 2588 2246 1645
(including IBNR) 1385 791 800 1070
Less: Net commission 232 235 201 111
Provision for unearned premium - net 1582 1490 1389 1427
Additional provision for unexpired risk 18.73 1.70 5.26 0.00 Underwriting result 221 510 780 629
Commission Income unearned 102 83.46 104 68.91
Total 3088 2366 2298 2565 Investment income 67.20 73.11 60.73 63.40
Deferred liabilities 13.84 14.33 0.00 6.88
Rental income 2.40 2.14 1.39 1.39
Other income 210.67 -197.14 21.39 31.45
General and administration expenses -9 -19 -230 -238
Exchange gain 0 0 0 0
Cash and bank deposits 490 365 325 334
Finance charges on lease rentals -5.36 -10.42 -12.06 -7.68
Loans - secured considered good 13.97 17.39 14.55 10.41 266 -152 -159 -149
Investments 1302 1201 1036 643 Profit before tax 487 358 680 508
Provision for taxation 195 79.51 59.56 47.05
Deferred tax 0.00 0.00 9.82 0.00
Profit after tax 292 278 620 461
outstanding claims 1023 581 687 932 APPROPRIATIONS
Balance at commencement of year 680 890 0 403
Deferred commission expense 176 197 177 130
Dividend -180 0 0 218
Other assets 2394 2293 2102 2142 Reserve for bonus share/bonus shares issued -198 -515 0 0
General reserve 0 0 0 0
Fixed assets 714 738 579 553 Others 0.22 27.05 -1.04 -3.68
-378.45 -488.15 -1.04 214
Leased motor vehicle 96.13 104 125 72.70
TOTAL ASSETS 6,211 5,500 5,059 4,820

Claims incurred to net premium % 48 38 34 27
Net profit after tax to net premium % 11 11 29 30
BALANCE SHEET RATIOS Management expenses to net premium % 34 32 20 25
Net working capital (Rs.) 2 2.45 2.37 1.93 Commission to net premium % 9 10 9 7
Current ratio 2 2.45 2.37 1.93 Earning per share (Rs.) 1 2 5 5
Total assets / net worth 2 2.12 2.25 2.93 Cash dividend (180.32) - - 218.06
Break-up value 13 14.35 17.44 17.88 Stock dividend (198.35) (515.20) - -
7,000 3,000 1,400 3,000
6,000 2,500 1,200 2,500
5,000 2,000 1,000
2,000
4,000 800
1,500 1,500
3,000 600
2,000 1,000 400 1,000
1,000 500 200 500
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1,400 600 700 300
1,200 500 600 200
500 100
1,000 400 -
800 400 (100)
300 300 (200)
600
400 200 200 (300)
100 (400)
200 100 (500)
- - - (600)
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
109
Together We Assure
THE UNIVERSAL INSURANCE
T H E U N IV E R
LI M I TE
SECUR
RITY
COMPANY LIMITED
AN Y
LI MP
SA
PE
NS U
R ANC E C
IT
Y
-S
R S O
ER
VICE-P
Mr. Gohar Ayub Khan
Mr. Raza Kuli Khan Khattak (PKR in million)
Mr. Gohar Ayub Khan
Mr. Mushtaq Ahmed Khan 2017 2016
Mrs. Shahnaz Sajjad Ahmed Premium written 28 36
Dr. Shaheen Kuli Khan Khattak
Mr. Muhammad Imran Malik Net premium revenue 12 25
Mr. Muhammad Kuli Khan Khattak Claims expense (2) (6)
Mr. Khalid Kuli Khan Khattak Net claims expense (9) (9)
Mr. Sikandar Kuli Khan Khattak
Net commission / (income) (2) (0.5)
VISION Management expense 62 61
We, at Universal Insurance Company Limited recognize Profit / (loss) after tax 41 69
the importance of satisfying our customers by consistently
providing quality insurance service in accordance with their COMPANY INFORMATION
needs and expectations. We strive to be competent partner Chairman : Mr. Raza Kuli Khan Khattak
of our customers against insured perils.
Chief Executive : Mr. Gohar Ayub Khan
MISSION Officer
We strive to provide our customers cost effective insurance Principal Officer : Mr. Amir Raza
cover by continually increasing the productivity of our
employees. To increase productivity, we conduct regular
Company Secretary : Mr. Liaqat Ali Shaukat
training programs during which employees are assessed
and allocated a career path in accordance with their
Chief Financial : Mr. Ashfaq Ahmed
performance.
Officer
We diligently follow the applicable laws and ensure strict
compliance by conducting regular internal audits and Legal Advisor : Rana Muhammad Aamir Zulfiqar
educating our employees about the law. (Advocate)
We try to improve our services by continually assessing Auditors : M/s. Shinewing Hameed Chaudhri
our systems and procedures based on customers and & Company
team feedback. We strive to maintain a customer focused Chartered Accountants
approach by ensuring that our service is delivered to the
customer on time, according to the customer required Registered & Main
specifications and within our stipulated cost. Office : Universal Insurance House,
63-Shahrah-e-Quaid-e-Azam,
Lahore
Number of Employees: 26
110
Together We Assure
THE UNIVERSAL INSURANCE COMPANY LIMITED


Premium deficiency reversal/(expense) 0.28 2.75 (2.21) (0.21)
Reserves and retained earnings 278.87 226.95 137.23 (9.79) Less: Net claims (9.02) (8.60) (56.15) 2.21
778.87 643.13 553.41 360.21
Provision for unearned premium - net 6.23 7.86 16.81 19.07 Underwriting result (39.33) (23.15) 82.72 0.33
Additional provision for unexpired risk - 0.28 3.03 0.83
Total 71.84 87.64 129.12 297.76 Rental income 0.80 0.70 0.06 0.01
Deferred liabilities 10.94 9.40 6.71 4.60
Other income 23.98 18.93 47.52 23.29
Other liabilities 0.13 - 3.60 25.79
TOTAL EQUITY AND LIABILITIES 919.94 804.19 783.67 846.76 Finance charges on lease rentals - -
84.75 94.40 48.02 (41.35)
Profit before tax 45.42 71.25 130.74 (41.02)
Investments 370.84 321.06 187.29 157.45 Provision for taxation 3.97 1.84 1.02 4.82
Investment properties 20.20 19.23 - -

Profit after tax 41.45 69.41 129.72 (45.84)
Deferred tax 33.19 33.19 33.19 33.19
APPROPRIATIONS
Reinsurance recoveries against Balance at commencement of year (62.31) (133.58) (266.85) (236.60)
Dividend - - - -
Reserve for bonus share/bonus shares issued - - - -
Deferred commission expense 0.85 1.23 2.34 3.46 General reserve - - - -
Other Comprehensive income and items
Other assets 137.04 163.72 203.98 211.62 directly recognised in statement of
changes in equity 2.219 1.861 3.559 15.588
Fixed assets 180.46 173.83 184.34 191.59 2.22 1.86 3.56 15.59
Leased motor vehicle - - Balance unappropriated profit at end of year (18.64) (62.31) (133.58) (266.85)
TOTAL ASSETS 919.94 804.19 783.67 846.76
Assets at market value 1,334.93 1,477.70 961.59 745.69 Claims incurred to net premium % (74.01) (33.68) (200.61) 6.30
Net profit after tax to net premium % 340.24 271.69 463.42 (130.99)
Net working capital (Rs.) 158 82 176 4 Commission to net premium % (13.61) (1.62) (7.57) (5.52)
Current ratio 2.29 1.58 1.88 1.01 Earning per share (Rs.) 0.83 1.67 3.12 (1.24)
Total assets / net worth 1.18 1.25 1.42 2.35
950 1,000 10 40
- 35
900 800 30
(10)
850 600 (20) 25
20
800 400 (30) 15
(40) 10
750 200 (50) 5
700 - (60) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
450 140 140 20
400 120 120
350 100
100 80 15
300 60
250 80
200 40 10
60 20
150 40 -
100 (20) 5
50 20 (40)
- - (60) -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
111
Together We Assure
ADAMJEE LIFE ASSURANCE
COMPANY LIMITED
Mian Umer Mansha
Mr. Umer Mansha (PKR in million)
Mr. Raza Mansha, 2017 2016
Mr. S.M Jawed
Mr. Muhammad Ali Zeb
Mr. Frans Georg Prinsloo
Gross claims 4,717 3,479
Mr. Nashir Omar
Mr. Fredrik Coenrard De Beer
Commission expense 1,555 1,383
Profit / (loss) after tax (21) 1.1

Chairman : Mr. S. M. Jawed
To create a superior Global Insurance company as the
single largest player in the market through innovation in
products, pricing, packaging and distribution, thereby Managing Director &
revolutionizing the industry. Chief Executive : Mr. Umer Mansha
Corporate Secretary : Mr. Jalaluddin Meghani
Legal Advisor : Naveen Merchant,

Bawani & Partners
Appointed Actuary : M/s. Alchemy Associates

MISSION
To deliver outstanding profitability for the benefit of our
customers, our employees and our shareholders while Registered Office : Office # 505, 5th Floor,
providing premium service. Islamabad Stock Exchange Building
Blue Area, Jinnah Avenue, Islamabad
Main Offices : The Forum, Suite No. 301, 323-325,

327, 3rd Floor Plot G-20, Block 9
Clifton Karachi-75600
112
Together We Assure
ADAMJEE LIFE ASSURANCE COMPANY LIMITED
BALANCE SHEET
As at 31st December
PKR in thousand
Statutory Fund
Share Investment Conven- Pension Accident Aggregate Aggregate Aggregate Aggregate

holders Linked tional Business & Health
Fund Business Business Business 2017 2016 2015 2014
Share capital and reserves
Authorised share capital - - - - - 1,500,000.00 1,500,000.00 1,500,000.00 1,000,000.00
Issued, subscribed and paid up Share capital 935,494.00 - - - - 935,494.00 935,494 935,494 935,494
Reserves & retained earnings (423,321.00) (423,321.00) (512,944) (584,520) (571,591)
Net shareholders equity 512,173.00 0.00 0.00 0.00 0.00 512,173 422,550 350,974 363,903
Balance of statutory fund - 27,436,464.00 229,038.00 0.00 125.00 27,665,627.00 22,166,400 14,444,778 8,256,342
Deferred taxation 0.00 0.00 - - - 0.00 813 716 0
Creditors and accruals 165,634.00 1,035,898.00 158,533.00 - 44.00 1,360,109.00 1,005,581 862,242 568,988
Total Liabilites 165,634.00 28,472,362.00 387,571.00 0.00 169.00 29,025,736.00 23,172,794 15,307,735 8,825,329
TOTAL EQUITY AND LIABILITIES 677,807.00 28,472,362.00 387,571.00 0.00 169.00 29,537,909.00 23,595,344 15,658,710 9,189,232
Cash and bank deposits 4,332.00 11,873,362.00 98,772.00 0.00 167.00 11,976,633.00 7,177,914 1,339,795 572,661
Loans 0.00 31,170.00 - - - 31,170.00 28,618 13,618 5,415
Investments (net) 229,207.00 15,209,133.00 216,622.00 - 0.00 15,654,962.00 14,596,141 13,682,874 8,099,714
Investment in properties 637,981.00 - - - - 637,981.00 0 0 0
0 0 0
Other assets 230,486.00 720,716.00 72,177.00 - 2.00 1,023,381.00 1,666,784 551,707 452,762
Tangible assets 150,264.00 - - - - 150,264.00 73,008 54,386 50,188
Intangible assets 63,518.00 - - - - 63,518.00 52,878 16,330 8,491
TOTAL ASSETS 677,807.00 28,472,362.00 387,571.00 0.00 169.00 29,537,909.00 23,595,344 15,658,710 9,189,232
BALANCE SHEET RATIOS %

Net working capital - - - - - 11,671,075.00 7,867,736 1,042,877 461,851
Current ratio - - - - - 9.58 9 2 2
Total assets / net equity - - - - - 57.67 56 45 25
Break -up value - - - - - 10,243.46 14,085 11,699 17,329
113
Together We Assure
REVENUE ACCOUNT
For the year ended 31st December
PKR in thousand
Statutory Fund
Pension
Investment Conven- Accident Aggregate Aggregate Aggregate Aggregate
Business
Linked tional & Health
(Unit
Business Business Business 2017 2016 2015 2014
Linked)
Net premium income 13,053,290.00 255,819.00 - 0.00 13,309,109.00 10,913,432 8,837,691 4,976,433
Net investment income (408,241.00) 15,996.00 - 0.00 (392,245.00) 2,268,299 1,169,710 1,048,952
Net rental income 0.00 - 0.00 0.00
Total net income 12,645,049.00 271,815.00 0.00 0.00 12,916,864.00 13,181,731 10,007,401 6,025,386
Net claims 4,181,471.00 212,131.00 - - 4,393,602.00 3,151,648 1,778,293 1,243,400

Net management expenses 2,809,659.00 103,364.00 - - 2,913,023.00 2,238,563 2,054,473 1,456,113
Total claims and expenditures 6,991,130.00 315,495.00 0.00 0.00 7,306,625.00 5,390,210.70 3,832,765.20 2,699,512.10
Excess of Income over claims and expenditure 5,653,919.00 (43,680.00) 0.00 0.00 5,610,239.00 7,791,520.20 6,174,635.70 3,325,873.40
Add : Policyholder liabilities at beginning of year 21,140,540 110,756.00 - 0.00 21,251,296.00 13,855,898 7,986,454 4,732,159
Less : Policyholder liabilities at end of the period 26,977,008 119,064.00 - 0.00 27,096,072.00 21,251,296 13,855,898 7,986,454
Surplus/(Deficit) (182,549.00) (51,988.00) 0.00 0.00 (234,537.00) 396,122.10 305,191.90 71,577.80
Movement in policy holder liabilities 5,836,468.00 8,308.00 0.00 0.00 5,844,776.00 7,395,398 5,869,444 3,254,296
Transfers to or from shareholders fund (163,000.00) 51,989.00 - - (111,011.00) (69,898) 13,800 70,126
Capital contribution from share holders fund
Balance of statutory fund at beginning of year 21,945,046.00 220,728.00 - 125.00 22,165,899.00 14,444,777 8,256,342 4,860,342
Balance of statutory fund at end of the period 27,435,965.00 229,037.00 0.00 125.00 27,665,127.00 22,166,399 14,444,778 8,256,342
Represented by:
Capital contributed by shareholders fund 210,977.00 261,714.00 - 1,511.00 474,202.00 585,713 655,612 641,812
Policyholders liabilities 26,977,007.00 119,064.00 - - 27,096,071.00 21,251,296 13,855,898 7,986,454
Retianed earnings on other than participating business 247,978.00 (151,739.00) - (1,385.00) 94,854.00 329,390 (66,732) (371,924)
Balance of statuory fund 27,435,962.00 229,039.00 0.00 126.00 27,665,127.00 22,166,399 14,444,778 8,256,342
REVENUE ACCOUNT RATIOS %

Claims incurred to net premium - - - - 33.01 28.88 20.12 24.99
Surplus / Deficit to net premium - - - - (1.76) 3.63 3.45 1.44
Net Management expenses to net premium - - - - 21.89 20.51 23.25 29.26
114
Together We Assure
PROFIT AND LOSS ACCOUNT

PKR in thousand
Aggregate Aggregate Aggregate Aggregate
2017 2016 2015 2014
Net Investment income not attributable to statutory funds 19361.00 17,886 24,062 30,735
Gain / (Loss) on sale of investments -2441.00 5,746 3,482 3,119

Changes in fair value of derivative financial instrument/impairment
Total investment income 16,920.00 23,632 27,544 33,855
Other revenue 296.00 8,745 97 3,166
Total Investment Income and other revenues 17216.00 32,377 27,641 37,021
Less Expenses not attributable to statutory funds (46,301) (30,415) (23,482) (18,335)
Profit / (Loss) before appropiation of surplus to shareholders fund (29085.00) 1,962 4,160 18,685
Add: Surplus appropiated to shareholders fund from ledger A/C D
Profit/(Loss) before tax (29085.00) 1,962 4,160 18,685
Extra ordinary Items deferred tax
Taxation 7,697.00 784 3,288 3,679

3,288 3,679
Profit/(Loss) after tax (21,388.00) 1,178 872 15,006
APPROPRIATIONS
Balance at commencement of the year 72,270.00 71,092 70,220 55,215
Profit after tax for the year (21,388.00) 1,178 872 15,006
Transfer to general reserve ((attributable to previous year)
Transfer to bonus shares (attributable to previous year)
Proposed dividend (attributable to previous year)
Capital (Contributed) / withdrawn 111,011.00 70,398.40 (13,800.00) (33,937.00)
Balance upappropriated profit at the end of the year 50,882.00 72,270 71,092
Earning per share (0.23) 0.01 0.01 0.16

Cash Dividend
Bonus Shares
30,000 550 5,000 1.5
25,000 500 4,000 1.2
1
20,000 450 3,000 8
15,000 400 2,000 6
1,000 4
10,000 350
2
0 300 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
1.6 12,500 2000 1
1.4 10,500 1500 0.9
1000 0.8
1.2 8,500 0.7
1 5000 0.6
8 6,500 0 0.5
6 4,500 -5000 0.4
4 -1000 0.3
2,500 -1500 0.2
2 0.1
0 500 -2000 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
115
Together We Assure
EAST WEST LIFE ASSURANCE
COMPANY LIMITED
Maj. Gen. Imtiaz Hussain Sherazi (Retd) (PKR in million)
Maj. Gen. Akhtar Iqbal (Retd) 2017 2016
Malik Riffat Mahmood
Mr. Imran Ali Dodani
Chief Justice (R) Mian Mahboob Ahmad Net premium revenue 17 20
Mr. Umeed Ansari Gross claims 40 50
VISION Commission expense 2 3
Our vision is to be the number one provider of wide-ranging Management expense 32 28
insurance solutions to all of Pakistan, a goal we will attain Profit / (loss) after tax (36) (22)
while observing the principle values that have served us
well since inception. COMPANY INFORMATION
MISSION Chairman : Lt. Gen. Najibullah Khan (Retd)
To provide high quality, competitive insurance products Chief Executive Officer

and services through qualified, professional and committed (Interim CEO)
salespersons.
& Company Secretary : Mr. Sohail Nazeer
To maintain financial strength for the benefit of our corporate
and individual insurers, shareholders, agents/salespersons Legal Advisor : Saiyed Younus Saeed
and employees.
To earn and protect public trust of the communities where Appointed Actuary : Shujat Siddiqui
we live and works and contributing to charities. M/s Akhtar and Hasan (Pvt) Ltd.
To create a challenging environment and develop a sense
of accomplishment for our employees through tools and Auditors : Grant Thornton Anjum Rehman
training to achieve personal growth and contribute to our Chartered Accountants
organization.
To serve the nation by increasing the rate of literacy through Registered Office : 28, Regal Plaza, M.A. Jinnah Road,
our East West Life Educational Security Schemes for Quetta.
children and their parents. Phone: (081) 2822913, 2821397
To provide the right solutions that are in tune with our Fax: (92-81) 2821460
customer's needs, while facing up to the emerging
challenges in the industry. Head Office : Room No. 802, 8th Floor,
Lakson Square Building No. 1,
To help individuals and families financially realize their
Opp. Karachi Press Club, Karachi,
hopes and dreams and be there when they need us most.
Pakistan
To develop awareness of insurance need, build confidence Phone: (021) 35630421
in the insurance industry and also to develop the concept 35630422, 35630423
of saving. Fax: (92-21) 35630429
To innovate and develop ideas to design new products for
our valued corporate and individual clients to effectively No. of Employees : 34
meet their ever-changing needs.
118
Together We Assure
EAST WEST LIFE ASSURANCE COMPANY LIMITED
BALANCE SHEET
As at 31st December
PKR in million
Statutory Fund
Share Investment Conven- Pension Accident Aggregate Aggregate Aggregate Aggregate

holders Linked tional Business & Health
Authorised share capital 750.00 - - - - 750.00 750.00 600.00 600.00
Issued, subscribed and paid up Share capital 601.72 - - - - 601.72 601.72 594.29 594.29
Reserves & retained earnings (448.99) - - - - (448.99) (411.88) (391.46) (357.50)
Net shareholders equity 152.73 0.00 0.00 0.00 0.00 152.73 189.84 202.83 236.79
Advance Against Equity 100.00 - - - - 100.00 0.00 0.00 0.00
Balance of statutory fund 179.97 6.77 0.00 - 2.70 189.44 193.75 215.41 247.31
Deferred taxation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Creditors and accruals 0.77 57.50 21.56 0.00 4.72 84.55 92.68 126.59 101.52
Total Liabilites 0.77 237.47 28.33 0.00 7.42 273.99 286.43 341.99 348.84
TOTAL EQUITY AND LIABILITIES 253.50 237.47 28.33 0.00 7.42 526.72 476.27 544.82 585.62
Cash and bank deposits 37.98 123.91 3.66 0.00 0.68 166.23 165.96 189.14 207.32
Loans 0.09 5.85 4.83 0.00 0.09 10.86 10.67 9.95 8.36
Investments (net) 185.76 105.63 17.21 0.00 3.93 312.53 259.53 305.10 284.90
Investment in properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
Other assets 12.54 2.08 2.63 0.00 2.72 19.97 20.82 19.33 60.07
Tangible assets 17.13 0.00 0.00 0.00 0.00 17.13 19.29 21.30 24.97
Intangible assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL ASSETS 253.50 237.47 28.33 0.00 7.42 526.72 476.27 544.82 585.62

Net working capital - - - - - 112.51 104.77 91.83 174.23
Current ratio - - - - - 2.33 2.13 1.73 2.72
Total assets / net equity - - - - - 3.45 2.51 2.69 2.47
Break -up value - - - - - 3.05 6.33 6.76 11.28
119
Together We Assure
REVENUE ACCOUNT
PKR in million
Statutory Fund
Pension
Business
(Unit
Linked)
Net premium income 15.06 0.34 0.00 1.23 16.63 20.08 31.58 142.58
Net investment income 12.68 0.99 0.00 0.23 13.90 23.39 20.67 20.92
Net rental income 0.00 0.00 0.00 0.00
Total net income 27.74 1.33 0.00 1.46 30.53 43.48 52.26 163.50
Net claims 31.25 4.63 0.00 1.45 37.33 49.52 73.71 120.97
Net management expenses 25.35 4.62 0.00 3.96 33.93 31.12 41.10 47.41
Total claims and expenditures 56.60 9.25 0.00 5.41 71.26 80.63 114.81 168.38
Excess of Income over claims and expenditure (28.86) (7.92) 0.00 (3.95) (40.73) (37.16) (62.56) (4.88)
Add : Policyholder liabilities at beginning of year 184.16 5.15 0.00 0.00 189.31 209.26 242.92 258.59
Less : Policyholder liabilities at end of the period 179.51 4.05 0.00 0.00 183.56 189.31 209.26 242.92
Surplus/(Deficit) (24.21) (6.82) 0.00 (3.95) (34.98) (17.20) (28.91) 10.79
Movement in policy holder liabilities (4.65) (1.10) 0.00 (0.00) (5.75) (19.96) (33.65) (15.67)
Transfers to or from shareholders fund
Capital contribution from share holders fund 24.30 7.77 0.00 4.35 36.42 15.50 30.65 10.03
Balance of statutory fund at beginning of year 184.53 6.92 0.00 2.30 193.75 215.41 247.31 269.04
Balance of statutory fund at end of the period 179.97 6.77 0.00 2.70 189.44 193.75 215.41 247.31
Represented by:
Capital contributed by shareholders fund 178.50 167.37 0.00 15.75 361.62 325.21 309.71 279.06
Policyholders liabilities 179.50 4.05 0.00 0.00 183.55 189.31 209.26 242.92
Retianed earnings on other than participating business (178.03) (164.65) 0.00 (13.05) (355.73) (320.76) (303.56) (274.66)
Balance of statuory fund 179.97 6.77 0.00 2.70 189.44 193.75 215.41 247.31

Claims incurred to net premium - - - - 224.47 246.58 233.39 84.84
Surplus / Deficit to net premium - - - - (210.33) (85.65) (91.52) 7.57
Net Management expenses to net premium - - - - 204.03 154.97 130.13 33.25
120
Together We Assure

PKR in million
2017 2016 2015 2014

Total investment income 11.72 16.04 9.85 18.72
Other revenue 0.00 0.77 1.85 0.03
Total Investment Income and other revenues 11.72 16.81 11.71 18.75
Less Expenses not attributable to statutory funds -11.82 -21.57 -13.93 (17.24)
Profit / (Loss) before appropiation of surplus to shareholders fund (0.10) (4.75) (2.22) 1.51
Add: Surplus appropiated to shareholders fund from ledger A/C D 0.00 0.00 0.00 26.88
Profit/(Loss) before tax (0.10) (4.75) (2.22) 28.39
Extra ordinary Items deferred tax

(0.59)
Taxation (0.17) (1.08) 0.66
Profit/(Loss) after tax (0.69) (4.92) (3.31) 29.05
APPROPRIATIONS
Balance at commencement of the year (411.88) (391.47) (363.80) (382.82)
Profit after tax for the year (0.69) (4.92) (3.31) 29.05
Transfer to general reserve ((attributable to previous year) 6.29
Proposed dividend (attributable to previous year)
Capital (Contributed) / withdrawn (36.42) (15.50) (30.65) (10.03)
Balance upappropriated profit at the end of the year (448.99) (411.88) (391.47) (363.80)
Earning per share (0.01) (0.08) (0.06) 0.49

Cash Dividend
Bonus Shares
700 250 140 160
600 120 140
200 120
500 100
400 150 80 100
80
300 100 60 60
200 40 40
50 20
100 20
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
350 250 35 1
300 30 0.9
200 25 0.8
250 20 0.7
200 150 15 0.6
10 0.5
150 100 0.4
100 5 0.3
50 0 0.2
50 -5 0.1
0 0 -10 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
121
Together We Assure
EFU LIFE ASSURANCE LTD.
Zaroori Hai
Mr. Taher G Sachak
Mr. Rafique Bhimjee (PKR in million)
Mr. Taher G Sachak 2017 2016
Mr. Saifuddin N. Zoomkawala
Mr. Muneer R. Bhimjee
Mr. Hasanali Abdullah Net premium revenue 30,759 23,861
Mr. Heinz Walter Dollberg Gross claims 14,907 18,351
Mr. Kamal Afsar Net claims expense 14,195 17,764
Syed Salman Rashid Commission expense 3,904 3,143
Mr. Ali Raza Siddiqui Management expense 7,094 5,603

Chairman : Mr. Rafique R. Bhimjee
Our Vision is to make EFU Life one of the most respected
and successful financial services organization in the world.
Managing Director & : Mr. Taher G Sachak
Our strategy to achieve our vision is: build our core
Chief Executive:
capabilities, serve our clients beyond their expectations,
adhere to our core values and be a good corporate citizen.
Corporate Secretary : Mr. S. Shahid Abbas
Legal Advisor : Mr. Mohammad Ali Sayeed
Appointed Actuary : Omer Morshed
Auditors : KPMG Taseer Hadi & Co.

MISSION Chartered Accountants, Karachi
We shall together build EFU Life into a dynamic and
financially sound institution by: Registered Office : Al-Malik Center
Working together as a team 70 W, F-7/G-7
Continually improving our client services Jinnah Avenue, (Blue Area),
Islamabad
Creating an empowered and self fulfilling culture
Developing innovative products
Main Offices : EFU Life House,
Adopting leading technology
Plot No.112, 8th East Street
Phase 1, DHA, Karachi
122
Together We Assure
BALANCE SHEET
As at 31st December
PKR in thousand
Statutory Fund
Share Investment Conven- Pension Accident Individual Group Aggregate Aggregate Aggregate Aggregate
holders Linked tional Business & Health Family Family
Fund Business Business Business Takaful Takaful 2017 2016 2015 2014
Authorised share capital 1,500,000.00 - - - - - - 1,500,000.00 1,500,000.00 1,500,000.00 1,500,000.00
Issued, subscribed and paid up Share capital 1,000,000.00 - - - - - - 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00
Reserves & retained earnings 3,340,648.00 3,340,648.00 3,193,383.00 2,409,743.00 1,834,273.00
Net shareholders equity 4,340,648.00 0.00 0.00 0.00 0.00 - - 4,340,648.00 4,193,383.00 3,409,743.00 2,834,273.00
Balance of statutory fund - 97,549,001.00 1,270,484.00 25,923.00 2,092.00 2,315,460.00 70,077.00 101,233,037.00 97,782,063.00 83,836,320.00 61,222,367.00
Deferred taxation 135,800.00 - - - - - - 135,800.00 131,000.00 15,800.00 14,900.00
Creditors and accruals 45,224.00 3,124,435.00 1,001,534.00 1,884.00 10,490.00 251,041.00 93,905.00 4,528,513.00 4,195,085.00 4,003,516.00 3,156,942.00
Total Liabilites 181,024.00 100,673,436.00 2,272,018.00 27,807.00 12,582.00 - - 105,897,350.00 102,108,148.00 87,855,636.00 64,394,209.00
TOTAL EQUITY AND LIABILITIES 4,521,672.00 100,673,436.00 2,272,018.00 27,807.00 12,582.00 - - 110,237,998.00 106,301,531.00 91,265,379.00 67,228,482.00
Cash and bank deposits 224,856.00 15,748,493.00 510,344.00 6,119.00 6,983.00 1,858,186.00 141,932.00 18,496,913.00 12,395,589.00 14,406,587.00 7,666,369.00
Loans 94,638.00 - - - - - - 94,638.00 91,912.00 100,187.00 71,300.00
Investments (net) 1,613,858.00 81,570,456.00 1,485,389.00 21,646.00 5,580.00 674,378.00 17,214.00 85,388,521.00 88,831,183.00 71,941,323.00 55,534,580.00
Investment in properties - - - - - - - 0.00 0.00 0.00 0.00
Other assets 1,744,429.00 1,989,536.00 276,285.00 42.00 19.00 33,937.00 4,836.00 4,049,084.00 2,828,455.00 3,149,588.00 2,872,629.00
Tangible assets 832,263.00 1,364,951.00 - - - - - 2,197,214.00 2,132,747.00 1,644,339.00 1,077,400.00
Intangible assets 11,628.00 - - - - - - 11,628.00 21,645.00 23,355.00 6,204.00
TOTAL ASSETS 4,521,672.00 100,673,436.00 2,272,018.00 27,807.00 12,582.00 - - 110,237,998.00 106,301,531.00 91,265,379.00 67,228,482.00

Net working capital - - - - - - - 18,112,122.00 11,120,871.00 13,652,846.00 7,453,356.00
Current ratio - - - - - - - 5.00 3.65 4.41 3.36
Total assets / net equity - - - - - - - 25.40 25.35 26.77 23.72
Break -up value - - - - - - - 43.41 139,779.43 113,658.10 134,965.38
123
Together We Assure
REVENUE ACCOUNT
PKR in thousand
Statutory Fund
Pension
Investment Conven- Business Accident Individual Group Aggregate Aggregate Aggregate Aggregate
Linked tional & Health Family Family
(Unit
Business Business Linked) Business Takaful Takaful 2017 2016 2015 2014
Net premium income 26,211,474.00 2,196,892.00 1,087.00 643.00 2,207,535.00 142,099.00 30,759,730.00 23,861,851.00 30,351,972.00 17,595,939.00
Net investment income (3,818,157.00) 82,724.00 452.00 90.00 54,434.00 74,970.00 (3,605,487.00) 15,653,998.00 8,669,948.00 10,415,484.00
Net rental income
Total net income 22,393,317.00 2,279,616.00 1,539.00 733.00 2,261,969.00 217,069.00 27,154,243.00 39,515,849.00 39,021,920.00 28,011,423.00
Net claims 12,404,728.00 1,357,570.00 285.00 (14.00) 382,006.00 51,039.00 14,195,614.00 17,764,439.00 8,941,518.00 4,714,369.00
Net management expenses 5,427,853.00 502,265.00 75.00 315.00 1,022,186.00 111,690.00 7,064,384.00 5,569,408.00 5,351,500.00 4,684,257.00
Total claims and expenditures 17,832,581.00 1,859,835.00 360.00 301.00 1,404,192.00 162,729.00 21,259,998.00 23,333,847.00 14,293,018.00 9,398,626.00
Excess of Income over claims and expenditure 4,560,736.00 419,781.00 1,179.00 432.00 857,777.00 54,340.00 5,894,245.00 16,182,002.00 24,728,902.00 18,612,797.00
Add : Policyholder liabilities at beginning of year 93,863,055.00 664,081.00 24,608.00 1,825.00 1,307,669.00 8,011.00 95,869,249.00 82,185,371.00 59,923,260.00 42,842,022.00
Less : Policyholder liabilities at end of the period 96,057,408.00 776,738.00 25,517.00 1,784.00 2,212,042.00 32,666.00 99,106,155.00 95,869,249.00 82,185,371.00 59,923,260.00
Surplus/(Deficit) 2,366,383.00 307,124.00 270.00 473.00 (46,596.00) 29,685.00 2,657,339.00 2,498,124.00 2,466,791.00 1,531,559.00
Movement in policy holder liabilities 2,194,353.00 112,657.00 909.00 (41.00) 904,373.00 24,655.00 3,236,906.00 13,683,878.00 22,262,111.00 17,081,238.00
Transfers to or from shareholders fund (2,361,570.00) (177,448.00) (256.00) (610.00) - (3,995.00) (2,543,879.00) (2,326,078.00)(2,122,076.00) (973,083.00)
Capital contribution from share holders fund 93,923.00 (3,807.00) 90,116.00 89,256.00 0.00 0.00
Balance of statutory fund at beginning of year 95,349,835.00 1,028,151.00 25,000.00 2,270.00 1,345,578.00 23,539.00 97,774,373.00 83,829,193.00 61,222,367.00 43,582,653.00
Balance of statutory fund at end of the period 97,549,001.00 1,270,484.00 25,923.00 2,092.00 2,297,278.00 70,077.00 101,214,855.00 97,774,373.00 83,829,193.00 61,222,367.00
Represented by:
Capital contributed by shareholders fund
Policyholders liabilities 96,057,408.00 776,738.00 25,517.00 1,784.00 2,212,042.00 32,666.00 99,106,155.00 95,869,249.00 82,185,371.00 59,923,260.00
Retianed earnings on other than participating business 1,491,593.00 493,746.00 406.00 308.00 85,236.00 37,411.00 2,108,700.00 1,905,124.00 1,643,822.00 1,299,107.00
Balance of statuory fund 97,549,001.00 1,270,484.00 25,923.00 2,092.00 2,297,278.00 101,214,855.00 97,774,373.00 83,829,193.00 61,222,367.00

Claims incurred to net premium - - - - - - 46.15 74.45 29.46 26.79
Surplus / Deficit to net premium - - - - - - 8.64 10.47 8.13 8.70
Net Management expenses to net premium - - - - - - 22.97 23.34 17.63 26.62
124
Together We Assure

PKR in thousand
2017 2016 2015 2014
Net Investment income not attributable to statutory funds 177,442.00 180,881.00 171,088.00 139,473.00
Gain / (Loss) on sale of investments (160,924.00) 33,382.00 - -

Changes in fair value of derivative financial instrument/impairment 119,627.00 196,434.00 (26,640.00) 336,522.00
Total investment income 136,145.00 410,697.00 144,448.00 475,995.00
Other revenue 23,704.00 27,866.00 22,455.00 17,420.00
Total Investment Income and other revenues 159,849.00 438,563.00 166,903.00 493,415.00
Less Expenses not attributable to statutory funds (22,947.00) 33,455.00 (63,609.00) (43,125.00)
Profit / (Loss) before appropiation of surplus to shareholders fund 136,902.00 472,018.00 103,294.00 450,290.00
Add: Surplus appropiated to shareholders fund from ledger A/C D 2,543,879.00 2,326,078.00 2,122,076.00 973,083.00
Profit/(Loss) before tax 2,680,781.00 2,798,096.00 2,225,370.00 1,423,373.00
Extra ordinary Items deferred tax - - - -
Profit/(Loss) before tax and after extraordinay items - - - -
Taxation (868,400.00) (925,200.00) (749,900.00) (472,472.00)
Profit/(Loss) after tax 1,812,381.00 1,872,896.00 1,475,470.00 950,901.00
APPROPRIATIONS
Balance at commencement of the year 1,632,639.00 1,459,743.00 1,083,773.00 1,038,872.00
Profit after tax for the year 1,812,381.00 1,872,896.00 1,475,470.00 950,901.00
Transfer to general reserve ((attributable to previous year) (250,000.00) (700,000.00) (199,500.00) (250,000.00)
Proposed dividend (attributable to previous year) (1,575,000.00) (1,000,000.00) (900,000.00) (650,000.00)
Capital (Contributed) / withdrawn
Balance upappropriated profit at the end of the year 1,620,020.00 1,632,639.00 1,459,743.00 1,089,773.00

Cash Dividend 15.75 10.00 9.00 6.50
Bonus Shares
120000 5000 20000 35000
100000 30000
4000 15000
800000 25000
3000 20000
600000 10000
2000 15000
400000 10000
1000 5000
200000 5000
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
100000 20000 2000 2000
90000 18000 1800 1800
80000 16000 1600 1600
70000 14000 1400 1400
60000 12000 1200 1200
50000 10000 1000 1000
40000 8000 800 800
30000 6000 600 600
20000 1000 400 400
10000 2000 200 200
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
125
Together We Assure
IGI LIFE INSURANCE LIMITED
Syed Hyder Ali
Mr. Shamim Ahmad Khan (PKR in million)
Syed Hyder Ali 2017 2016
Mr. Nadeem Rehman Malik
Syed Yawar Ali
Mr. Khurram Raza Bakhtayari
Mr. Ehsan A. Malik
Mr. Muhammad Kamal Syed
Commission expense 630 627

Chairman : Mr. Shamim Ahmed Khan
Assure financial future today for a better tomorrow
Managing Director &
Chief Executive : Syed Hyder Ali
Corporate Secretary : Mr. Yasir Ali Qureshi
Legal Advisor : Surridge and Beecheno

HaidermotaBNR & Co.
OrrDignam & Co.
Appointed Actuary : Ali Nadim (till December 31, 2017)

MISSION Shujat Siddiqi (from December 31,
IGI Life provides innovative life and health insurance as 2017 onwards)
well as investment solutions through groundbreaking
innovation and exemplary customer service, leveraging Auditors : A.F. Ferguson & Co.
different distributing channels. Chartered Accountants
Registered & Main

Office : Suite # 701-713, 7th Floor,
The Forum, G-20, Khayaban-e-Jami,
Block-9, Clifton, Karachi
P.O.Box 10528
126
Together We Assure
BALANCE SHEET
As at 31st December
PKR in thousand
Statutory Fund
Share Investment Conven- Pension Accident Family Aggregate Aggregate Aggregate Aggregate
holders Linked tional Business & Health Takaful
Fund Business Business (Unit Linked) Business Fund 2017 2016 2015 2014
Authorised share capital 1,000,000.00 0.00 0.00 0.00 0.00 0.00 1,000,000.00 1,000,000.00 500,000.00 500,000.00
Issued, subscribed and paid up Share capital 705,672.00 0.00 0.00 0.00 0.00 0.00 705,672.00 605,000.00 500,000.00 500,000.00
Reserves & retained earnings 142,775.00 0.00 0.00 0.00 0.00 0.00 142,775.00 253,791.00 389,901.00 325,502.00
Net shareholders equity 848,447.00 0.00 0.00 0.00 0.00 0.00 848,447.00 858,791.00 889,901.00 825,502.00
Balance of statutory fund 0.00 8,285,832.00 8,842,111.00 71,666.00 12,590.00 1,167,076.00 18,379,275.00 17,608,792.00 12,020,855.00 10,455,853.00
Deferred taxation (tax receivable) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Creditors and accruals 102,849.00 150,368.00 331,685.00 30.00 14,928.00 82,262.00 682,122.00 765,148.00 695,400.00 581,231.00
Total Liabilites 102,849.00 8,436,200.00 9,173,796.00 71,696.00 27,518.00 1,249,338.00 19,061,397.00 18,373,940.00 12,716,255.00 11,037,084.00
TOTAL EQUITY AND LIABILITIES 951,296.00 8,436,200.00 9,173,796.00 71,696.00 27,518.00 1,249,338.00 19,909,844.00 19,232,731.00 13,606,156.00 11,862,586.00
Cash and bank deposits 76,845.00 498,634.00 110,000.00 22,000.00 2,000.00 187,981.00 897,460.00 1,010,880.00 433,202.00 596,598.00
Loans 507.00 0.00 167,539.00 0.00 0.00 0.00 168,046.00 154,086.00 147,681.00 134,711.00
Investments (net) 337,725.00 7,703,995.00 8,358,961.00 43,533.00 24,983.00 1,032,990.00 17,502,187.00 16,956,387.00 12,094,010.00 10,308,203.00
Investment in properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 408,330.00 233,571.00 537,296.00 6,163.00 535.00 28,367.00 1,214,262.00 1,027,093.00 857,704.00 779,634.00
Tangible assets 125,552.00 0.00 0.00 0.00 0.00 0.00 125,552.00 83,381.00 72,497.00 41,811.00
Intangible assets 2,337.00 0.00 0.00 0.00 0.00 0.00 2,337.00 904.00 1,062.00 1,629.00
TOTAL ASSETS 951,296.00 8,436,200.00 9,173,796.00 71,696.00 27,518.00 1,249,338.00 19,909,844.00 19,232,731.00 13,606,156.00 11,862,586.00
Assets at market value 951,296.00 8,436,200.00 9,173,796.00 71,696.00 27,518.00 1,249,338.00 19,909,844.00 19,232,731.00 13,606,156.00 11,862,586.00

Net working capital - - - - - - 1,597,646.00 1,426,911.00 743,187.00 929,712.00
Current ratio - - - - - - 3.34 2.86 2.07 2.60
Total assets / net equity - - - - - - 23.47 22.40 15.29 14.37
Break -up value - - - - - - 12.02 28,626.37 29,663.37 39,309.62
127
Together We Assure
REVENUE ACCOUNT
PKR in thousand
Statutory Fund
Investment Conven- Pension Accident Takaful Aggregate Aggregate Aggregate Aggregate
Linked tional Business & Health Fund
Business Business (Unit Linked) Business 2017 2016 2015 2014
Net premium income 2,305,090.00 1,914,300.00 6,844.00 11,993.00 1,226,802.00 5,465,029.00 7,436,242.00 3,835,116.00 2,436,394.00
Net investment income 237,356.00 569,731.00 4,997.00 6,841.00 (38,145.00) 780,780.00 2,349,827.00 1,274,695.00 1,446,460.00
Net rental income 37,182.00 53,412.00 526.00 106.00 7,225.00 98,451.00 98,780.00 70,829.00 66,242.00
Total net income 2,579,628.00 2,537,443.00 12,367.00 18,940.00 1,195,882.00 6,344,260.00 9,884,849.00 5,180,640.00 3,949,096.00
Net claims 2,593,796.00 1,659,416.00 635.00 3,193.00 61,696.00 4,318,736.00 3,186,980.00 2,598,591.00 3,398,848.00
Net management expenses 524,025.00 396,909.00 0.00 21,383.00 264,939.00 1,207,256.00 1,143,500.00 1,011,247.00 798,742.00
Total claims and expenditures 3,117,821.00 2,056,325.00 635.00 24,576.00 326,635.00 5,525,992.00 4,330,480.00 3,609,838.00 4,197,590.00
Excess of Income over claims and expenditure (538,193.00) 481,118.00 11,732.00 (5,636.00) 869,247.00 818,268.00 5,554,369.00 1,570,802.00 (248,494.00)
Add : Policyholder liabilities at beginning of year 8,695,395.00 7,358,560.00 55,878.00 9,337.00 242,695.00 16,361,865.00 11,030,095.00 9,594,542.00 10,047,533.00
Less : Policyholder liabilities at end of the period 8,109,869.00 7,885,034.00 67,118.00 11,624.00 1,127,173.00 17,200,818.00 16,361,865.00 11,030,095.00 9,594,542.00
Surplus/(Deficit) 47,333.00 (45,356.00) 492.00 (7,923.00) (15,231.00) (20,685.00) 222,599.00 135,249.00 204,497.00
Movement in policy holder liabilities (585,526.00) 526,474.00 11,240.00 2,287.00 884,478.00 838,953.00 5,331,770.00 1,435,553.00 (452,991.00)
Transfers to or from shareholders fund 0.00 (95,285.00) 0.00 2,000.00 45,500.00 (47,785.00) 33,568.00 (5,800.00) 94,900.00
Balance of statutory fund at beginning of year 8,824,025.00 8,456,278.00 59,934.00 16,226.00 252,329.00 17,608,792.00 12,020,855.00 10,455,853.00 10,609,447.00
Balance of statutory fund at end of the period 8,285,832.00 8,842,111.00 71,666.00 12,590.00 1,167,076.00 18,379,275.00 17,608,792.00 12,020,855.00 10,455,853.00
Represented by:
Capital contributed by shareholders fund 242,100.00 201,852.00 6,000.00 2,000.00 95,200.00 547,152.00 559,652.00 483,652.00 471,452.00
Policyholders liabilities 8,109,869.00 7,885,034.00 67,118.00 11,624.00 1,127,173.00 17,200,818.00 16,361,865.00 11,030,095.00 9,594,542.00
Retianed earnings on other than
participating business (66,137.00) 755,225.00 (1,452.00) (1,034.00) (55,297.00) 631,305.00 687,275.00 507,108.00 389,859.00
Balance of statuory fund 8,285,832.00 8,842,111.00 71,666.00 12,590.00 1,167,076.00 18,379,275.00 17,608,792.00 12,020,855.00 10,455,853.00

Claims incurred to net premium - - - - - 79.02 42.86 67.76 139.50
Surplus / Deficit to net premium - - - - - (0.38) 2.99 3.53 8.39
Net Management expenses to net premium - - - - - 22.09 15.38 26.37 32.78
128
Together We Assure

PKR in thousand
2017 2016 2015 2014
Net Investment income not attributable to statutory funds 26,504.00 65,612.00 71,425.00 86,030.00
Gain / (Loss) on sale of investments 43,164.00 41,251.00 34,196.00 3,359.00

Total investment income 69,668.00 106,863.00 105,621.00 89,389.00
Other revenue 7,028.00 44.00 3,914.00 5,893.00
Total Investment Income and other revenues 76,696.00 106,907.00 109,535.00 95,282.00
Less Expenses not attributable to statutory funds (14,900.81) (13,800.00) (14,890.00) (12,667.00)
Profit / (Loss) before appropiation of surplus to shareholders fund 61,795.19 93,107.00 94,645.00 82,615.00
Add: Surplus appropiated to shareholders fund from ledger A/C D 35,285.00 42,432.00 18,000.00 -
Extra ordinary Items deferred tax 0.00 0.00 0.00 0.00
Taxation (29,174.00) (40,649.00) (36,046.00) (27,263.00)

APPROPRIATIONS
Transfer to general reserve ((attributable to previous year) 0.00 0.00 0.00 0.00
Transfer to bonus shares (attributable to previous year) (100,672.00) (105,000.00) 0.00 0.00
Proposed dividend (attributable to previous year) (90,750.00) (50,000.00) 0.00 0.00
Capital (Contributed) / withdrawn 12,500.00 (76,000.00) (12,200.00) (94,900.00)

Cash Dividend (Rs/share) 1 per share 1.5 per share 1 per share 0.00
Bonus Shares (% per share) 16% 20% 0.00 0.00
25000 900 5000 8000
880 7000
20000 4000 6000
15000 860 3000 5000
840 4000
10000 2000 3000
820
5000 1000 2000
800 1000
0 780 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
20000 1000 100000
90000
250000
18000 900
16000 800 80000 200000
14000 700 70000
12000 600 60000 150000
10000 500 50000
8000 400 40000 100000
6000 300 30000
1000 200 20000 50000
2000 100 10000
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
129
Together We Assure
JUBILEE LIFE INSURANCE
COMPANY LIMITED
Mr. Javed Ahmed
Mr. Kamal A. Chinoy (PKR in million)
Mr. Amyn Currimbhoy 2017 2016
Mr. John Joseph Metcalf
Mr. Sultan Ali Allana
Mr. R. Zakir Mahmood
Mr. Shahid Ghaffar
Mr. Javed Ahmed

Chairman : Mr. Kamal A. Chinoy
Enabling people to overcome uncertainty.
Managing Director &

Chief Executive : Mr. Javed Ahmed
Corporate Secretary : Mr. Najam ul Hassan Janjua
Legal Advisor : Kabraji & Talibuddin
Appointed Actuary : Nauman Associates
MISSION
Auditors : KPMG Taseer Hadi & Co.,
To provide solutions that protect the future of our customers Chartered Accountants
Registered Office : 26-D, 3rd Floor, Kashmir Plaza,

Jinnah Avenue, Blue Area,
Islamabad, Pakistan.
Head Office : 74/1-A, Lalazar, M.T. Khan Road,

Karachi-74000,
Pakistan.
No of Employees : 1,965
130
Together We Assure
JUBILEE LIFE INSURANCE COMPANY LIMITED
BALANCE SHEET
As at 31st December
PKR in million
Statutory Fund
Share Individual Conven- Accident Overseas Individual Group Accident Aggregate Aggregate Aggregate Aggregate
holders Life unit tional & Health Group Life Family Family & Health
Fund Linked Business Business and health Takaful Takaful Family 2017 2016 2015 2014
business Takaful
Authorised share capital 2,000.00 - - - - - - - 2,000.00 2,000.00 2,000.00 2,000.00
Issued, subscribed and

paid up Share capital 793.31 - - - - - - - 793.31 721.19 721.19 721.19
Reserves & retained earnings 5,853.53 - - - - - - - 5,853.53 4,348.34 3,189.05 2,438.68
Net shareholders equity 6,646.84 - - - - - - - 6,646.84 5,069.53 3,910.24 3,159.87
Balance of statutory fund 98,902.39 884.03 1,999.92 120.98 4,911.89 43.99 81.53 106,944.72 93,196.73 62,205.69 44,020.93
Long term loan 1,500.00 - - - - - - - 1,500.00 - - -
Deferred taxation - - - - - - - - - - - -
Creditors and accruals 445.02 2,490.43 813.86 743.60 25.43 789.83 22.56 24.79 5,355.53 3,756.43 3,046.67 2,432.71
Shareholders fund unit holding in PIF - - - - - - - - - - 40.00 -
Staff retirement benefits 10.26 12.21 2.25 2.00 - 2.68 - - 29.41 18.28 21.33 -
Total Liabilites 1,955.28 101,405.03 1,700.14 2,745.52 146.41 5,704.40 66.56 106.32 113,829.65 96,971.43 65,313.70 46,453.64
TOTAL EQUITY AND LIABILITIES 8,602.12 101,405.03 1,700.14 2,745.52 146.41 5,704.40 66.56 106.32 120,476.49 102,040.96 69,223.93 49,613.50
Cash and bank deposits 974.71 12,975.70 262.45 311.21 11.50 1,440.64 17.34 26.64 16,020.18 13,331.06 7,379.82 5,070.94
Loans 18.91 - - - - - - - 18.91 9.15 9.35 6.20
Investments (net) 4,148.74 87,263.33 1,066.24 1,955.58 114.34 4,173.90 41.86 50.15 98,814.14 85,940.25 58,999.03 41,908.75
Investment in properties - - - - - - - - - - - -
Other assets 201.10 1,166.01 371.45 478.74 20.57 89.85 7.36 29.53 2,364.61 2,025.90 2,296.21 2,137.85
Tangible assets 3,011.06 - - - - - - - 3,011.06 587.17 472.01 425.65
Intangible assets 247.60 - - - - - - - 247.60 147.42 67.51 64.11
TOTAL ASSETS 8,602.12 101,405.03 1,700.14 2,745.52 146.41 5,704.40 66.56 106.32 120,476.49 102,040.96 69,223.93 49,613.50
Assets at market value - - - - - - - - - - - -

Net working capital - - - - - - - - 13,048.17 11,609.69 6,638.71 4,782.29
Current ratio - - - - - - - - 1.04 1.04 1.05 1.06
Total assets / net equity - - - - - - - - 18.13 20.13 17.70 15.70
Break -up value - - - - - - - - 83.79 70.29 54.22 43.81
131
Together We Assure
REVENUE ACCOUNT
PKR in million
Statutory Fund
Individual Conven- Accident Overseas Individual Group Accident Aggregate Aggregate Aggregate Aggregate
Life unit tional & Health Group Life Family Family & Health
Linked Business Business and health Takaful Takaful Family 2017 2016 2015 2014
business Takaful
Net premium income 34,780.37 1,189.53 3,228.12 20.51 6,743.46 37.12 129.58 46,128.69 36,988.23 29,120.82 21,086.00
Net investment income (5,175.12) 80.28 175.48 7.38 (107.49) 1.59 2.53 (5,015.35) 15,256.77 5,982.33 6,053.00
Net rental income - - - - - - - - - - -
Total net income 29,605.25 1,269.82 3,403.60 27.89 6,635.97 38.71 132.11 41,113.33 52,245.01 35,103.15 27,139.00
Net claims 9,782.21 935.98 2,288.81 9.79 107.53 25.05 89.41 13,238.77 9,473.85 7,021.64 5,083.00
Net management expenses 7,681.34 184.91 445.91 2.39 2,520.29 10.67 41.07 10,886.57 9,070.12 7,827.25 6,115.00
Total claims and expenditures 17,463.55 1,120.89 2,734.72 12.18 2,627.82 35.72 130.48 24,125.34 18,543.97 14,848.89 11,198.00
Excess of Income over claims and expenditure 12,141.70 148.93 668.88 15.71 4,008.15 2.99 1.62 16,987.99 33,701.04 20,254.26 15,941.00
Add : Policyholder liabilities at beginning of year 88,071.29 436.80 769.69 - 1,079.69 1.10 16.52 90,375.08 60,290.22 42,693.07 29,013.00
Less : Policyholder liabilities at end of the period 97,087.17 390.62 1,015.37 - 4,686.90 3.35 36.31 103,219.72 90,375.08 60,290.22 42,693.00
Surplus/(Deficit) 3,125.83 195.11 423.20 15.71 400.94 0.73 (18.17) 4,143.35 3,616.18 2,657.10 2,261.00
Movement in policyholder liabilities 9,015.87 (46.18) 245.68 - 3,607.21 2.26 19.80 12,844.64 30,084.86 17,597.16 13,680.00
Transfers to or from shareholders fund (2,675.00) (30.00) (160.00) - (300.00) - - (3,165.00) (2,685.00) (2,220.00) (1,880.00)
Capital contribution from shareholders fund - - - - (130.00) 30.00 25.00 (75.00) (25.00) 150.00 45.00
Money ceded to Waqf Fund - - - - - - - - - 0.50 -
Balance of statutory fund at beginning of year 89,435.68 765.10 1,491.05 105.26 1,333.74 11.00 54.91 93,196.73 62,205.69 44,020.93 29,915.00
Balance of statutory fund at end of the period 98,902.39 884.03 1,999.92 120.98 4,911.89 43.99 81.53 106,944.72 93,196.73 62,205.19 44,021.00
Represented by:
Capital contributed by shareholders fund - - - 50.00 - 40.00 60.00 150.00 225.00 250.00 100.00
Money ceded to Waqf Fund - - - - 0.50 - - 0.50 0.50 0.50 -
Policyholders liabilities 97,087.17 390.62 1,015.37 - 4,686.90 3.35 36.31 103,219.72 90,375.08 60,290.22 42,693.00
Retianed earnings on other than
participating business 1,815.22 493.40 984.56 70.98 224.49 0.64 (14.78) 3,574.50 2,596.15 1,664.97 1,228.00
Balance of statuory fund 98,902.39 884.03 1,999.92 120.98 4,911.89 43.99 81.53 106,944.72 93,196.73 62,205.69 44,021.00

Claims incurred to net premium - - - - - - - 28.70 25.61 24.11 24.11
Surplus / Deficit to net premium - - - - - - - 8.98 9.78 9.12 10.72
Net Management expenses to net premium - - - - - - - 23.60 24.52 26.88 29.00
132
Together We Assure

PKR in million
2017 2016 2015 2014

Changes in impairment in the value of investments 0.41 (0.84) (0.08) 0.89
Other revenue 17.37 15.64 7.77 9.42
Realized / Unrealized loss on derivative financial instrument (44.43) - - -
Extra ordinary Items other reversals - 113.26 - -
Profit / (Loss) before appropiation of surplus to shareholders fund 710.90 466.60 221.56 121.46
Add: Surplus appropiated to shareholders fund from ledger A/C D 3,165.00 2,685.00 2,220.00 1,880.00
Extra ordinary Items deferred tax 7.43 5.59 4.08 7.57
Profit/(Loss) before tax and after extraordinay items 3,883.32 3,157.19 2,445.64 2,009.04
Taxation (1,313.65) (1,049.30) (824.08) (647.51)
APPROPRIATIONS
Transfer to general reserve ((attributable to previous year) - - - -
Transfer to bonus shares (attributable to previous year) (72.12) - - (94.07)
Proposed dividend (attributable to previous year) (1,067.36) (973.60) (721.19) (399.79)
Issue of bonus shares (attributable to previous year) 72.12 - - 94.07
Capital (Contributed) / withdrawn 75.00 25.00 (150.00) (45.00)

Cash Dividend 175% 145% 135% 95%
Bonus Shares - 10% - -
150000 7000 14000 50000
6000 12000 40000
100000 5000 10000
4000 8000 30000
3000 6000 20000
50000 2000 4000
10000
1000 2000
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
120000 18000 3000 1200
16000
100000 2500 1000
14000
80000 12000 2000 800
10000 600
60000 8000
1500
40000 6000 1000 400
20000 4000 500 200
2000
0 0 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
133
Together We Assure
STATE LIFE INSURANCE
CORPORATION OF PAKISTAN
Mr. Shoaib Mir
Mr. Jamil Anwar (PKR in million)
Mr. Abdul Ghufran Memon 2017 2016
Mr. Muhammad Izqar Khan
MISSION COMPANY INFORMATION
To remain a leading insurer in the Country by extending Chairman : Mr. Shoaib Mir
the benefits of life Insurance to all sections of society and
meeting our commitments to our policyholders and nation. Managing Director & : Mr. Shoaib Mir
Chief Executive:
Corporate Secretary : Mr. Mushtaq Ahmed
Legal Advisor : Mr. Fazal-ur-Rehman
Appointed Actuary : Mr. Shujaat Siddiqui
Auditors : M/s BDO Ebrahim & Co.,

M/s Riaz Ahmed & Co.,
Registered & Main

Office : State Life Building No. 9,
Dr. Ziauddin Ahmad Road,
Karachi-75530
No of Employees : 5,155
134
Together We Assure
STATE LIFE INSURANCE CORPORATION OF PAKISTAN
BALANCE SHEET
As at 31st December
PKR in million
Statutory Fund
Share Investment Conven- Pension Accident Family Aggregate Aggregate Aggregate Aggregate
holders Linked tional Business & Health Takaful
Fund Business Business (Unit Linked) Business Fund 2017 2016 2015 2014
Authorised share capital 4,000 - - - - - 4,000.00 4,000 4,000 4,000
Issued, subscribed and paid up Share capital 3,000 - - - - - 3,000.00 3,000 3,000 3,000
Reserves & retained earnings 377.00 377.00 948 1,229 840
Net shareholders equity 3,377.00 0.00 0.00 0.00 0.00 - 3,377.00 3,948.08 4,229 3,840
Balance of statutory fund - 704,916.00 365.00 2,021.00 86.00 707,388.00 614,177 526,676 450,025
Deferred taxation - 0.00 0 0
Creditors and accruals 494.00 42,095.00 53.00 2,545.00 20.00 45,207.00 41,687 40,922 42,824
Total Liabilites 494.00 0.00 747,011.00 418.00 4,566.00 106.00 752,595.00 655,863 567,598 492,849
TOTAL EQUITY AND LIABILITIES 3,871.00 0.00 747,011.00 418.00 4,566.00 106.00 755,972.00 659,811 571,827 496,690
Cash and bank deposits 126.00 36,994.00 36.00 1,191.00 106.00 38,453.00 31,349 27,623 20,261
Loans 886.00 76,686.00 0.00 - - 77,572.00 63,606 51,224 41,728
Investments (net) 2,077.00 580,650.00 310.00 2,869.00 - 585,906.00 514,447 445,958 390,103
Investment in properties - 3,185.00 - - - 3,185.00 2,975 2,949 2,955
Other assets 782.00 49,121.00 72.00 444.00 - 50,419.00 47,025 43,733 41,312
Tangible assets 375.00 62.00 - 437.00 409 340 332
Intangible assets 0.00 0 0
TOTAL ASSETS 3,871.00 0.00 747,011.00 418.00 4,566.00 106.00 755,972.00 659,811 571,827 496,690

Net working capital - - - - - - 121,237.00 100,293 81,658 60,476
Current ratio - - - - - - 3.68 3.41 3.00 2.41
Total assets / net equity - - - - - - 223.86 167 135 129
Break -up value - - - - - - 67.54 132 141 183
135
Together We Assure
REVENUE ACCOUNT
PKR in million
Statutory Fund
Investment Conven- Pension Accident Takaful Aggregate Aggregate Aggregate Aggregate
Linked tional Business & Health Fund
Business Business (Unit Linked) Business 2017 2016 2015 2014
Net premium income - 96,784 65 3,912 100,761 89,821 79,941 76,342

Net investment income - 68,592 33 156 6 68,787 63,722 59,617 50,293
Net rental income - 464 464 492 380 276
Total net income 0 165,840 98 4,068 6 170,012 154,035 139,938 126,911
Net claims - 41,617 37 3,301 44,955 37,939 35,961 30,505

Net management expenses - 30,443 2 465 20 30,930 27,584 26,058 23,803
Total claims and expenditures 0 72,060 39 3,766 20 75,885 65,523 62,019 54,307
Excess of Income over claims and expenditure 0 93,780 59 302 (14) 94,127 88,513 77,919 72,604
Add : Policyholder liabilities at beginning of year - 586,979 191 6 587,176 503,890 428,900 361,869
Less : Policyholder liabilities at end of the period - 674,709 228 39 674,976 587,176 503,890 428,900
Surplus/(Deficit) 0 6,050 22 269 (14) 6,327 5,226 2,929 5,574
Movement in policy holder liabilities 0 87,730 37 33 0 87,800 83,286 74,990 67,030
Tax chargeable to statutory fund - (85) 0 0 - (85) (43)

Transfers to or from shareholders fund 750 0 750 550
Surplus appropriated to shareholders fund - (1,580) (1,580) (1,519) (1,269) (1,186)
Balance of statutory fund at beginning of year - 612,801 307 969 100 614,177 526,676 450,025 378,608
Balance of statutory fund at end of the period 0 704,916 366 2,021 86 707,389 614,177 526,676 450,025
Represented by:
Capital contributed by shareholders fund 1,200 86 1,286 550
Policyholders liabilities - 674,709 229 39 674,977 587,176 503,890 428,900
Retianed earnings attributable to Policyholder - 30,207 30,207 25,822 22,022 20,526
Retianed earnings on other than participating business 137 782 919 628 764 600
Balance of statuory fund 0 704,916 366 2,021 86 707,389 614,177 526,676 450,025

Claims incurred to net premium - - - - - 44.62 42.24 44.98 39.96
Surplus / Deficit to net premium - - - - - 6.28 5.82 3.66 7.30
Net Management expenses to net premium - - - - - 30.70 30.71 32.60 31.18
136
Together We Assure

PKR in million
2017 2016 2015 2014
Gain / (Loss) on sale of investments

Other revenue
Less Expenses not attributable to statutory funds -4.34 -5.85 -4.28 -4.23
Profit / (Loss) before appropiation of surplus to shareholders fund 314.33 311.67 319.55 146.47
Add: Surplus appropiated to shareholders fund from ledger A/C D 1579.88 1518.79 1,268.92 1,186.21
Profit/(Loss) before tax and after extraordinay items

(624.29) (618.20) (540.52) (427.58)
Taxation
Profit/(Loss) after tax 1,269.92 1,212.26 1,047.95 905.11
APPROPRIATIONS
Balance at commencement of the year
Profit after tax for the year 1,269.92 1,212.26 1,047.95 905.11
Transfer to general reserve ((attributable to previous year) - 121.23 104.80 181.02
Transfer to bonus shares (attributable to previous year) - -
Proposed dividend (attributable to previous year) 1,212.26 1,047.95 905.11 810.12
Capital (Contributed) / withdrawn
Balance upappropriated profit at the end of the year - - - -

Cash Dividend 36.37 36.37 31.44 72.05
Bonus Shares
800000 5000 50000 120000
4000 40000 100000
600000
80000
3000 30000
400000 60000
2000 20000 40000
200000 1000 10000 20000
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
80000 45000 1400 1400
70000 40000 1200 1200
60000 35000
30000 1000 1000
50000 800
25000 800
40000 20000
30000 600 600
15000 400
20000 10000 400
10000 5000 200 200
0 - 0 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
137
Together We Assure
TPL LIFE INSURANCE LIMITED
Mr. Faisal Shahzad Abbasi
Mr. Jameel Yusuf (PKR in million)
Mr. Ali Jameel 2017 2016
Mr. Waqar Ahmed Malik
Mr. Muhammad Riaz Premium written 270 116
Mr. Muhammad Aminuddin Net premium revenue 253 115
Mr. Farrukh Shauket Ansari Gross claims 85 155
Mr. Asif Reza Sana Net claims expense 68 155
Commission expense 32 9
Profit / (loss) after tax 10 (0.79)

Chairman : Mr. Jameel Yusuf
To become the most preferred and trusted customer choice
for life and health insurance; we aim to achieve it through:
l Unmatched passion for service and empathy for our Chief Executive : Mr. Faisal Shahzad Abbasi
customers
l Speed-to-market in our initiatives Corporate Secretary : Mr. Danish Qazi
l The highest level of integrity in our dealings
l Continuous innovation in our solutions. Legal Advisor : M/s Mohsin Tayabaly & Co.
Appointed Actuary : Mr. Shujaat Siddiqui,

M/s Akhtar & Hasan
MISSION Auditors : EY Ford Rhodes,

We create innovative customer solutions to enhance the
quality of life and economic well-being of people and Registered Office : 12th Floor, Centerpoint,
society. Off Shaheed-e-Millat Expressway,
Adj. KPT Interchange, Karachi-74900
Corporate Offices : 33-C, Shahbaz Commercial Area,

Lane 4, Phase VI, DHA,
Karachi - 75500
138
Together We Assure
BALANCE SHEET
As at 31st December
PKR in million
Statutory Fund
Share Investment Conven- Accident Aggregate Aggregate Aggregate Aggregate

holders Linked tional & Health
Authorised share capital - - - - 1,200.00 800.00 800.00 800.00
Issued, subscribed and paid up Share capital 680.00 - - - 680.00 600.00 500.00 500.00
Reserves & retained earnings (466.51) - - - (466.51) (351.75) (296) (194.91)
Advance against issue of shares 20.00 - - - 20.00
Net shareholders equity 233.49 0.00 0.00 0.00 233.49 248.26 203.55 305.09
Balance of statutory fund - 15.43 11.08 137.80 164.31 122.37 245.78 229.24
Creditors and accruals 43.17 11.57 25.64 53.38 133.75 62.38 142.57 103.99
Total Liabilites 43.17 27.00 36.72 191.17 298.07 184.75 388.36 333.22
TOTAL EQUITY AND LIABILITIES 276.61 27.00 36.72 191.17 531.56 433.00 591.90 638.31
Investments (net) 97.57 17.29 0.00 75.46 190.32 143.81 374.49 395.80
Other assets 55.37 (0.01) 16.43 59.36 131.15 59.69 131.65 145.57
Tangible assets 20.21 - - - 20.21 23.27 3.02 5.79
Intangible assets 9.58 - - - 9.58 9.47 1.23 3.08
TOTAL ASSETS 276.66 27.00 36.72 191.17 531.56 433.00 591.90 638.31
Assets at market value 276.68 27.00 36.72 191.01 531.42 433.00 591.90 638.31

Net working capital - - - - 177.70 194.07 70.59 129.66
Current ratio - - - - 2.33 4.11 1.50 2.25
Total assets / net equity - - - - 2.28 1.74 2.91 2.09
Break -up value - - - - 4.67 4.97 6.78 10.17
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REVENUE ACCOUNT
PKR in million
Statutory Fund

Net premium income 21.29 9.58 222.14 253.01 114.92 432.50 340.19
Net investment income (0.33) 0.19 7.43 7.29 19.19 13.96 24.20
Net other income 0.00 1.01 1.01 0.00 0.00 0.00 0.00
Total net income 20.96 9.77 230.58 261.31 134.12 446.46 364.39
Net claims 1.41 5.04 61.27 67.72 154.65 383.84 270.55

Net management expenses 98.34 27.53 150.78 276.64 157.38 149.98 145.93
Total claims and expenditures 99.75 32.56 212.05 344.36 312.03 533.82 416.48
Excess of Income over claims and expenditure (78.79) (22.79) 18.53 (83.05) (177.92) (87.36) (52.09)
Add : Policyholder liabilities at beginning of year 1.28 0.33 37.57 39.18 142.21 126.69 114.82
Less : Policyholder liabilities at end of the period 15.00 5.01 118.06 138.08 39.18 142.21 126.69
Surplus/(Deficit) (92.51) (27.48) (61.96) (181.95) (74.89) (102.88) (63.96)
Movement in policy holder liabilities 13.72 4.69 80.49 98.90 (103.03) 15.52 11.87
Transfers to or from shareholders fund 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital contribution from share holders fund 92.50 32.50 0.00 125.00 54.50 103.90 11.10
Balance of statutory fund at beginning of year 1.72 1.37 119.27 122.37 245.78 229.24 270.23
Balance of statutory fund at end of the period 15.43 11.08 137.80 164.31 122.37 245.78 229.24
Represented by:
Capital contributed by shareholders fund 111.50 43.00 599.31 753.81 628.81 574.31 470.41
Policyholders liabilities 15.00 5.01 118.06 138.08 39.18 142.21 126.69
Retianed earnings on other than participating business (111.07) (36.93) (579.57) (727.57) (545.63) (470.74) (367.86)
Balance of statuory fund 15.43 11.08 137.80 164.31 122.36 245.78 229.24

Claims incurred to net premium - - - 26.77 134.57 88.75 79.53
Surplus / Deficit to net premium - - - (71.91) (65.16) (23.79) (18.80)
Net Management expenses to net premium - - - 109.34 136.95 34.68 42.90
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PKR in million
2017 2016 2015 2014
Gain / (Loss) on sale of investments - - 5.69 2.98

Changes in fair value of derivative financial instrument/impairment - - (0.60) 11.77
Other revenue 1.47 0.02 - -
Profit / (Loss) before appropiation of surplus to shareholders fund 10.37 (1.39) 3.24 14.09
Add: Surplus appropiated to shareholders fund from ledger A/C D
Profit/(Loss) before tax 10.37 (1.39) 3.24 14.09
Extra ordinary Items deferred tax - - - -
Profit/(Loss) before tax and after extraordinay items
Taxation (0.13) 0.60 (1.91) (0.25)
Profit/(Loss) after tax 10.24 (0.79) 1.34 13.84
APPROPRIATIONS
Balance at commencement of the year 248.25 203.54 305.08 300.52

Right Shares Issued 80.00 100.00
Profit after tax for the year 10.24 (0.79) 2.36 15.66
Capital (Contributed) / withdrawn (125.00) (54.50) (103.90) (11.10)
Balance upappropriated profit at the end of the year 213.49 248.25 203.54 305.08
Earning per share (0.02) (0.02) 0.03 0.28

Cash Dividend 0.00 0.00 0.00 0.00
Bonus Shares 0.00 0.00 0.00 0.00
700 450 450 500
400 400 450
600 400
350 350
500 300 300 350
400 300
250 250 250
300 200 200 200
200 150 150 150
100 100 100
100 50 50 50
- - - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
450 250 16 1
400 14 0.9
350 200 12 0.8
300 10 0.7
250 150 8 0.6
200 6 0.5
150 100 4 0.4
0.3
100 50 2 0.2
50 0 0.1
- 0 -2 0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
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PAKISTAN REINSURANCE COMPANY LIMITED
Mr. Shakeel Ahmed Mangnejo
Mr. Shahab Khawaja Chairman Board (PKR in million)
Mr. Shakeel Ahmed Mangnejo CEO / Director 2017 2016
Mr. Abdul Sami Kehar Director
Premium Written 8,035 8,807
Mr. Mumtaz Ali Rajper Directors
Net Premium Revenue 5,098 5,802
Mr. Musleh-ud-Din Director
Claims Expense 5,043 4,915
Ms. Ghazala Ahmed Director
Dr. Nazim Latif Director Net Claims Expense 3,740 3,335
Net Commission / (Income) 1,142 1,264
Profit/ (Loss) after Tax 2,219 974

COMPANY SECRETARY
To be a leading provider of reinsurance and risk management Mr. Shams-ud-Din
services in the region Company Secretary
SENIOR MANAGEMENT
Mr. Shakeel Ahmed Mangnejo
Chief Executive Officer
Mr.Shahzad F. Lodhi
Executive Director (H.R./Admin)
Mr. Shams-ud-Din
Company Secretary
Mr. Muhammad Junaid Moti
Executive Director (Underwriting)
Mr. Muhammad Khurshid
Chief Internal Auditor
Mr. Jamil Ahmed
Chief Financial Officer
MISSION Mr. Farmanullah Zarkoon
General Manager (Claims)
To provide secure reinsurance capacity and outstanding Mr. Raana Munir Ahmad
risk management advice in a profitable manner and to General Manager / Head of Northern Zonal Office
conduct our business in a dependable and professional Mr. Zohaib Hasan
General Manager / Head of IT Department
manner with the highest standards of customer service.
AUDITORS
Mr. Zulfikar Ali Causer
Engagement Partner:
BDO Ebrahim & Co.
REGISTERED OFFICE
PRC Towers,32-A, Lalazar Drive,
M.T. Khan Road, P.O.Box: 4777,
Karachi-74000, Pakistan.
Tel: (92-21) 99202908-15
Telefax: (92-21) 99202921-22
E-mail: prcl@pakre.org.pk
Website:www.pakre.org.pk
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PAKISTAN REINSURANCE COMPANY LIMITED

(Restated) (Restated)
Authorized share capital 25,000 25,000 25,000 25,000 Net premium revenue 5,098 5,802 5,219 4,784
Issued subscribed and paid-up capital 3,000 3,000 3,000 3,000
Reserves and retained earnings 4,803 4,403 3,939 3,987 Less: Net claims 3,740 3,336 2,775 2,793
7,803 7,403 6,939 6,987
(including IBNR) 4,714 4,591 3,093 3,183 Less: Net commission 1,142 1,264 1,101 950
Provision for unearned premium - net 4,242 4,420 4,111 4,523 Underwriting result (528) 545 722 516
Commission Income unearned 262 24 19 56 Investment income 3,326 961 934 1,079
Total 9,218 9,035 7,223 7,762
Deferred liabilities 2,194 1,296 1,487 804 Rental income 56 56 48 50
Creditors and accruals 2,047 2,052 1,602 1,942 Other income 76 (80) - 1
Other liabilities 131 121 138 126 General and administration expenses (60) (54) (38) (30)
Exchange gain 103 (1) 106 (51)

Cash and bank deposits 2,547 2,680 3,285 3,081 3,501 882 1,050 1,049
Loans - secured considered good 182 73 71 71 Profit before tax 2,973 1,427 1,772 1,565
Investments 6,093 6,625 6,318 6,650

Provision for taxation 754 453 395 321
Investment properties 30 31 32 34
Deferred tax Profit after tax 2,219 974 1,377 1,244

outstanding claims 6,465 7,278 5,243 4,855 APPROPRIATIONS
Balance at commencement of year 2,345 1,880 1,929 1,513
Deferred commission expense 722 598 587 535
Dividend 900 750 750 750
Other assets 5,317 2,583 1,809 2,346 Reserve for bonus share/bonus shares issued
General reserve
Fixed assets 37 39 44 49
900 750 750 750
Leased motor vehicle (919) 241 (676) (78)
TOTAL ASSETS 21,393 19,907 17,389 17,621 Balance unappropriated profit at end of year 2,745 2,345 1,880 1,929

Break-up value 26.01 24.68 23.13 23.29 Cash dividend 900 750 750 750
25,000 8000 4000 7,000
7800 3500 6,000
20,000 7600 3000 5,000
15,000 7400 2500
7200 2000 4,000
10,000 7000 1500 3,000
6800 1000 2,000
5,000 1,000
6600 500
- 6400 - -
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
6,800 3,500 2500 950
6,700 3,000 2000 900
6,600 2,500 850
6,500 2,000 1500
800
6,400 1,500 1000
6,300 1,000 750
6,200 500 500 700
6,100 - 0 650
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
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MEMBERS
DIRECTORY
LIST OF MEMBERS WITH THE NAMES & ADDRESSES
OF THE PRINCIPAL REPRESENTATIVES
AS ON NOVEMBER, 2018
NON LIFE
YEAR OF PRINCIPAL
S.No NAME OF MEMBERS
Estb. REPRESENTATIVES
1 Adamjee Insurance Co. Ltd. 1960 Mr. Muhammad Ali Zeb
Tanveer Building, 4th Floor Managing Director & Chief Executive Officer
27, C-III, Gulberg-III Tel : +92-42-35772960-79
M.M. Alam Road Fax : +92-42-35772868
Lahore-54000 email : ali.zeb@adamjeeinsurance.com
web : www.adamjeeinsurance.com
2 Alfalah Insurance Company Ltd. 2008 Mr. Nasar us Samad Qureshi

5, Saint Marry, Main Boulevard Chief Executive & Managing Director
Gulberg Tel : +92-42-111-786-234, 3577 4313 - 6
Lahore. Fax : +92-42-35774329
E.mail : afi@alfalahinsurance.com
Web : www.alfalahinsurance.com
3 Allianz EFU Health Insurance Limited 2015 Mr. Kamran Ansari

D-136, Block-4, KDA Scheme-5, Clifton Chief Executive Officer
Karachi-75600 Tel: +92-21-111-432-584
Fax : +92-21- 35864020, 35860403
E-mail: kamran.ansari@allianz-efu.com
Web : www.allianzefu.com
4 Alpha Insurance Co. Ltd. 1951 Mr. Nadeem Bessey

State Life Building No. 1B Chief Executive Officer
2nd Floor State Life Square Tel : +92-21-3241 6041 5
Off: I.I. Chundrigar Rd. P.O Box No 4359 Fax : +92-21- 3241 9968, 3242 2478, 3242 2479
Karachi. email : info@alphainsurance.com.pk
web : www.alphainsurance.com.pk
5 Asia Insurance Co. Ltd. 1980 Mr. Ihtsham-ul-Haq Qureshi

Asia House Chief Executive
19-C/D, Block-L, Gulberg-III Tel : +92-42- 35865574-78
Ferozepur Road Fax: +92-42- 3586 5579
Lahore email : info@asiainsurance.com.pk
web : www.asiainsurance.com.pk
6 Askari Gen. Insc. Co. Ltd. 1995 Mr. Abdul Waheed

4th Floor, AWT Plaza President & Chief Executive
The Mall, P.O Box No. 843 Tel : +92-51-927 2425-27
Rawalpindi. Fax : +92-51-927 2424
email : president@agico.com.pk
web : www.agico.com.pk
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NON LIFE
YEAR OF PRINCIPAL
7 Atlas Insurance Limited 1935 Mr. Babar Mahmood Mirza

63/A, Block XX, Phase III Chief Executive Officer
(Commercial) DHA Tel : +92-42-37132611-18
Lahore. Fax : +92-42-37132622
email: info@ail.atlas.pk
web : www.ail.atlas.pk/takaful
8 Century Insurance Co. Ltd 1985 Mr. Mohammad Hussain Hirji

11th Floor Chief Executive Officer & Managing Director
Lakson Square Building No. 3 Tel : +92-21-3569 8525 , 111-111-717
Sarwar Shaheed Road, P.O Box 4895 Fax: +92-21- 3567 1665
Karachi. 74200 email: info@cicl.com.pk
web : www.cicl.com.pk
9 Chubb Insurance Pakistan Ltd. 2001 Mr. Humzah Chaudhri

6th Floor, NIC Building Chief Executive Officer
Abbasi Shaheed Road Tel : +92-21-111-789-789
off : Shahrah - e -Faisal Fax : +92-21-3568 3935
P. O. Box No 4780 email : Pakistan@chubb.com
Karachi web : www.chubb.com/mena
10 Co-operative Insc. Society of Pak. Ltd. 1949 Ch. Akhtar Mahmood

Co-operative Insc. Building Senior Vice-Chairman
23 - Shahrah-e-Quaid-e-Azam Tel : +92-42-3735 2306, 3735 6537, 3724 2798
Lahore. Fax : +92-42-3735 2794
E-mail : finance@coinsopl.com
11 Crescent Star Insurance Ltd. 1957 Mr. Naim Anwar

2nd Floor, Nadir House Managing Director & Chief Executive Officer
P.O.Box No 4616 Tel: +92-21-3241 5471-2, 32415521
I.I.Chundrigar Road Fax : +92-21-3241 5474 - 5
Karachi. email : info@cstarinsurance.com
Web : www.cstar.com.pk
12 East West Insurance Co. Ltd. 1983 Mr. Naved Yunus

Office No. 401-404, Block B, 4th Floor Managing Director & Chief Executive
Lakson Square Building No. 03 Tel : +92-21-35630400 - 10
Sarwar Shaheed Road Fax : +92-21-35630413 & 35630415
Karachi email: info@eastwestinsurance.com.pk
web : www.eastwestinsurance.com.pk
13 EFU General Ins. Ltd. 1932 Mr. Hasanali Abdullah

EFU House, M.A. Jinnah Road Managing Director & Chief Executive
P.O. Box No. 5005 Tel : +92-21-3231 3471 - 90
Karachi. 74000 Fax : +92-21-3231 4288
email : info@efuinsurance.com
web : www.efuinsurance.com
147
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NON LIFE
YEAR OF PRINCIPAL
14 Excel Insurance Co. Ltd. 1991 Mr. Abdul Haseeb Fakih

38 - C - 1, Block - 6 Chief Executive Officer
P. E. C. H. S Tel : +92-21-34548077
Shahrah - e -Faisal Fax: +92-21-3454 8076
Karachi. 75400 email : ik@excelinsurance.org
web : www.globemanagements.com
15 Habib Insurance Co. Ltd 1942 Mr. Shabbir Gulamali

1st Floor, State Life Building # 6 Chief Executive Officer
Habib Square Tel : +92-21-111-03-03-03, 35693671
M.A. Jinnah Road Fax : +92-21-3569 3676
P.O Box No 5217 email : info@habibinsurance.net
Karachi web : www.habibinsurance.net
16 IGI General Insurance Limited Mr. Tahir Masaud

7th Floor, The Forum, Suite 701-713, G-20 1953 Chief Executive Officer
Block 9, Khayaban-e-Jami, Clifton Tel : +92-21-3530 1726 - 8, 111-234-234
Karachi-75600. Fax : +92-21-3530 1729 & 3530 1772
email : tahir.masaud@igi.com.pk
web : www.igiinsurance.com.pk
17 Jubilee General Insurance Co. Ltd. 1953 Mr. Tahir Ahmed,

2nd Floor Managing Director & Chief Executive
Jubilee Insurance House Tel : +92-21-3241 6022-26, 111-654-111
P.O.Box No 4795 Fax : +92-21-3241 6728, 3243 8738
I.I.Chundrigar Road email : info@jubileegeneral.com.pk
Karachi. 74000 web : www.jubileegeneral.com.pk
18 New Hampshire Insurance Company 1869 Mr. Asif Iqbal

Office # 127-128, 1st Floor Country Manager
1/F, Bahria Complex III Tel : +92-21-35202800
M.T. Khan Road Fax : +92-21- 34169013
Karachi. email : info-pakistan@aig.com
web : www.aig.com.pk
19 Pakistan General Insc. Co. Ltd. 1947 Ch. Zahoor Ahmad

5 - Bank Square President & Chief Executive
Shahrah-e-Quaid-e-Azam Tel : +92-42-3732 3569, 3732 5382, 3732 4404
P. O. Box 1364 Fax : +92-42- 3723 0634, 3723 0895
Lahore. email : info@pgi.com.pk
web: www.pgi.com.pk
20 Premier Insurance Limited 1952 Mr. Zahid Bashir

5th Floor, State Life Building No 2-A Chief Executive Officer
Wallace Road, P.O Box No 4140 Tel : +92-21-3241 6331-4
Karachi. Fax : +92-21- 3241 6572
email: zahid.bashir@suraj.com.pk
web: www.pil.com.pk
148
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NON LIFE
YEAR OF PRINCIPAL
21 Reliance Insurance Co. Ltd. 1982 Mr. A. Razak Ahmed

Reliance Insurance House Chief Executive & Managing Director
181 - A Sindhi Muslim cooperative - Tel : +92-21-3453 9415 - 17
Housing Society, P.O Box No 13356 Fax : +92-21- 3453 9412
Karachi. email : reli-ins@cyber.net.pk
web : www.relianceins.com
22 SPI Insurance Company Ltd. 2005 Mr. Muhammad Akram Shahid

UIG House, 6-D, Upper Mall Chief Executive & Managing Director
Lahore Tel: +92-42-35776561-62
Fax: +92-42-35756563
email: info@spiinsurance.com.pk
web : www.spiinsurance.com.pk
23 Security General Insc. Co. Ltd. 1996 Mr. Farrukh Aleem

SGI-House, 18-C/E-1 Chief Executive Officer
Gulberg-III Tel :+92-42-3577 5024-29
Lahore. Fax : +92-42-3577 5030
email : sgi@sgicl.com
24 Shaheen Insurance Co. Ltd. 1996 Mr. Sohel Najam Kidwai

10th Floor, Shaheen Complex Chief Executive Officer
M. R. Kayani Road Tel : +92-21-3263 0370 - 75
Karachi-74200. Fax : +92-21-3262 6674
email: sihifc@cyber.net.pk
web :www.shaheeninsurance.com
25 Sindh Insurance Limited 2014 Mr. Muhammad Faisal Siddiqui

1st Floor, Imperial Court Chief Executive Officer
Dr. Ziauddin Ahmed Road Tel : +92-21-35640715-17
Karachi Fax: +92-21- 35640714
email: nadeemakhter@sindhinsuranceltd.com
web: www.sindhinsuranceltd.com
26 TPL Insurance Limited 1992 Mr. Saad Nissar

11th & 12th Floor, Centrepoint Chief Executive Officer
Off Shaheed-e-Millat Expressway Tel : +92-21- 37130223, 111-000-301
Near KPT Interchange Flyover Fax : +92-21- 35316031-2
Karachi-74900. E-mail: info@tplinsurance.com
Web: www.tplinsurance.com
27 UBL Insurers Limited 2007 Mr. Zeeshan Raza

126-C, First Floor, Jami Commercial Chief Executive Officer
Street No. 14, Phase-VII, DHA Tel : +92-21-111-845-111
Karachi Fax : +92-21- 35314504
E.mail : zeeshan.raza@ublinsurers.com
Web : www.ublinsurers.com
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NON LIFE
YEAR OF PRINCIPAL
28 United Ins. Co. of Pak Ltd. 1959 Mr. Muhammad Rahat Sadiq
UIG House, 6-D, Upper Mall Chief Executive Officer
P. O. Box No 532 Tel : +92-42- 35776475-83, 35776485
Lahore. UAN: 042-111-000-014
Fax : +92-42-35776486 & 35776487
E-mail : uicp@theunitedinsurance.com
Web : www.theunitedinsurance.com
29 Universal Insurance Company Ltd. 1958 Mr. Amir Raza

Universal Insurance House Managing Director
63, Shahrah-e-Quaid-e-Azam Tel: +92-42-37324244, 37355426, 37324194
Lahore-54000. Fax: +92-42-37230326, 37353209
E-mail: info@uic.com.pk
Web: www.uic.com.pk
LIFE
1 Adamjee Life Assurance Company Ltd. 2008 Mr. Fredrik Conenrard De Beer
Karachi Office Chief Executive Officer
The Forum, Suite # 301, 3rd Floor Tel: +92-21-3536 2620 23
Plot G-20, Block-9, Clifton Fax: +92-21-3536 2621
Karachi. email: jalal.meghani@adamjeelife.com
Web: www.adamjeelife.com
2 Askari Life Assurance Company Ltd. 1992 Mr. Jahanzeb Zafar

Room # 802, 8th Floor Chief Executive Officer
Lakson Square Building # 01 Tel: +92-21-35630421-23
Opposite Press Club Fax: +92-21-35630429
Karachi-74000 E-mail: info@askarilife.com
Web : www.askarilife.com
3 EFU Life Assurance Limited 1992 Mr. Taher G. Sachak

Head Office/Main Office: Managing Director & Chief Executive
Plot No. 112, 8th East Street Tel: +92-21-111-338-111
Phase 1, DHA Fax: +92-21-34373167
Karachi. email: info@efulife.com
Web : www.efulife.com
4 IGI Life Insurance Limited 1995 Syed Hyder Ali

The Forum, 7th Floor, Suite 701-713, G-20 Chief Executive Officer
Block 9, Khayaban-e-Jami, Clifton Tel: +92-21-111-111-711
Karachi-75600. Fax: +92-21- 3529 0042
email: azra.hashim@igi.com.pk
Web : www.igilife.com.pk
5 Jubilee Life Insurance Company Ltd. 1995 Mr. Javed Ahmed

Head Office/Main Office: Chief Executive Officer & Managing Director
74/1-A, Lalazar Tel: +92-21-35610960, 35205094-95
M.T. Khan Road Fax: +92-21-3561 0959, 3561 0805
Karachi-74000 email: info@jubileelife.com
Web : www.jubileelife.com
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LIFE
YEAR OF PRINCIPAL
6 State Life Insurance Corporation of Pakistan 1972 Mr. Shoaib Mir

State Life Building No. 9 Chairman
Dr. Ziauddin Ahmed Road Tel : +92-21-99202800 9
Karachi-75530 UAN 111-111-888
Fax: +92-21- 99202820
email: mrashid@statelife.com.pk
Web: www.statelife.com.pk
7 TPL Life Insurance Limited 2008 Mr. Faisal Shahzad Abbasi

12th Floor, Centrepoint, Chief Executive Officer
Off. Shaheed-e-Millat Expressway Tel: +92-21-34390300
Near KPT Interchange Flyover Fax: +92-21-35316032
Karachi-74900. email: info@tpllife.com
Web: www.tpllife.com
REINSURER
1 Pakistan Reinsurance Company Limited 1952 Mr. Shakeel Ahmed Mangnijo
PRC Towers, 32-A, Chief Executive Officer
Lalazar Drive Tel: +92-21-99202908-15
M.T. Khan Road Fax: +92-21- 99202920-22
Karachi E-mail: sfklodhi@pakre.org.pk
Web : www.pakre.org.pk
TAKAFUL
1 Takaful Pakistan Limited 2014 Mr. Rizwan Hussain

Business Centre, 6th Floor Managing Director & Chief Executive Officer
Plot No. 19-1-A, Block-6, P.E.C.H.S. UAN: +92-21-111-875-111
Shahrah-e-Faisal Fax: +92-21-34373195
Karachi-75400 E-mail: rizwan@takaful.com.pk
Web: www.takaful.com.pk

HEAD OFFICE
Mr. N. A. Usmani
Secretary General
IAP House
5C Nishat Lane 1 PABX : +92-21-35171571-74
DHA Phase VI Fax : +92-21- 35171576
P.O. Box 4932 E.mail : info@iap.net.pk
Karachi-75500 Web : www.iap.net.pk
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YEAR OF PRINCIPAL

REGIONAL OFFICE NORTH
Mr. Muhammad Khurshid Tel : +92-42-37423783, 35960095

Secretary
Assistant Secretary Tel : +92-42-37423760
General Office PABX : +92-42-35040608

Fax : +92-42-37422775
The Insurance Association of Pakistan E.mail : info.lro@iap.net.pk
Regional Office North
188-A, Opp. Rehmania Park, Shadman-I
Lahore.
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PICTORIAL
PRESENTATION
OF IAP EVENTS
56th ANNUAL GENERAL MEETING HELD IN SEPTEMBER 2017
AT THE ASSOCIATION'S OFFICE IN KARACHI
154
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IAP ANNUAL DINNER AND ENTERTAINMENT PROGRAM
HELD ON 30 TH SEPTEMBER 2017 AT MARRIOT HOTEL, KARACHI
155
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156
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5TH INSURANCE DAY CELEBRATED ON APRIL 5, 2018. A PRESS BRIEFING,
SEMINAR, PANEL DISCUSSIONS, FAMILY CARNIVAL, TALK SHOWS,
CRICKET TOURNAMNET, ELOCUTION CONTEST AND ESSAY COMPETITION
WERE ORGANIZED AT KARACHI AND LAHORE.
157
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158
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AWARD CEREMONY HELD AT IAP DINNER
Mr. Umer Ali Shah receiving memento from Mr. Atiq A. Mahmudi Mr. Rafiq Chaudhry receiving memento from Mr. Atiq A. Mahmudi
Mr. Munir I. Millwala receving memento from Tahir Ahmed. Mr. Nauman ul Haq receiving memento on behalf of his father Late Mr.
Munir ul Haq from Mr. Tahir Ahmed.
Daughter of Late Mohammad Jamil Erikzada receiving memento of her Mr. Daood Ali Shah receiving memento on behalf Late Mr. R. Z. Kitchlew
late father from Mr. Nasar us Samad Qureshi from Mr. Nasar us Samad Qureshi
159
Together We Assure
Mr. Aqib Malik receving memento on behalf of Mr. Mujeeb Khan from Mr. Shafiq Ansari receiving memento on behalf of his father Late M. I.
Mr. Atiq. A. Mahmudi. Ansari from Mr. Tahir Ahmed
Mr. Waqas Mahmood of IGI Gen. Ins. receiving cash prize and memento Mr. Farrukh Khan of Jubilee General Ins receiving cash prize and memento
for securing the 1st position in IAP essay competition. for securing the 2nd position in IAP essay competition.
Mr. Nadir of Jubilee Gen. ins. receiving cash prize and memento for Ms. Mehlub Usmani receiving award from Mr. Atiq A. Mahmudi.
securijng 3rd position in IAP essay competition.
Mr. Ayaz Muneer receiving award from Mr. Atiq A. Mahmudi.
160
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IAP CRICKET TOURNAMENT 2017
HELD AT UBL SPORTS COMPLEX KARACHI
161
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162
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N otes ...
163
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DISCLAIMER
IAP and its staff is not responsible for any error of fact of whatsoever nature and
also for any loss, financial or otherwise, resulting from business or trade or speculation
conducted, or investments made on the basis of information posted here in this year
book. Reading this year book stipulates that you have also read this disclaimer.
164
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Insurance Year Book 2017-2018

Tel: (92-21) 35171571-74

1. Executive Committe Members ---------------------------------------------------------------------------------------05

2. Chairman's Message ---------------------------------------------------------------------------------------------------19

3. Size of Insurance Market of Pakistan for 2017 - Including Public Sector-----------------------------------21

4. Executive, Regional & Technical Committees activities --------------------------------------------------------23

Executive Committee ---------------------------------------------------------------------------------------------------24

5. Market Overview of Non Life Insurance Industry in Pakistan -----------------------------------------------39

6. Market Overview of Life Insurance Industry in Pakistan -----------------------------------------------------41

7. Company Profiles -------------------------------------------------------------------------------------------------------45

Non Life Insurance

1. Adamjee Insurance Company Limited --------------------------------------------------------------------------------46

Note: AIG has stopped offering commercial insurance in Pakistan.

1. Adamjee Life Assurance Company Limited ------------------------------------------------------------------------110

Pakistan Reinsurance Company Limited----------------------------------------------------------------------------------140

8. Members' Directory --------------------------------------------------------------------------------------------------143

9. Pictorial Presentation of IAP events-------------------------------------------------------------------------------151

Annual General Meeting ----------------------------------------------------------------------------------------------156

He started off his carrier in Insurance in 1976 in the London market

Insurance Company of North America (INA) (Presently Chubb

He worked at following INA offices, Head Office in Philadelphia

Silver Star Insurance Company Limited (SSICL) (1984 to 2003)

Pakistan Reinsurance Company Ltd., (PRCL) (2003 to 2006)

United Insurance Co. of Pakistan Ltd. (UIC) (2007 to Present)

In March 2012 he was appointed Chief Executive of UIC and as

More than 30 years of experience in the insurance industry of

Under his tenure as key management personnel, TPL Insurance

He has worked on many cross functional assignments including

Mr. Shabbir Gulamali is affiliated with Habib Insurance Company

He is a Fellow member of the Chartered Association of Certified

Currently, he represents HIC on the Executive Committee (EC) of

Mr. Farrukh Aleem has done his Master in Business Administration

Mr. Ihtsham ul Haq Qureshi, B.Sc (Eng.) (Prince Henrick Medal of

· C Soft (Pvt) Limited, Falcon Engineering Services,

Mr. IHTSHAM UL HAQ QURESHI after graduating from UET Lahore

In 1985, sensing a shift in Pakistans economy towards privatization,

Years later, this was followed by the founding of Indus Insurance,

In 2007 he was elected as Chairman of Board of Directors of Asia

He opened new avenues in the company like Agri and Livestock

Ms. Lilly R. Dossabhoy is affiliated with Jubilee Life Insurance

She is a Fellow member of the Institute of Chartered Accountants

Prior to appointment in JLI, she was associated with Atlas Asset

Currently, she represents JLI on the Executive Committee of the

Mr. Mahmood Lotia is an Associate of the Chartered Insurance

Mr. Lotia has remained associated with Insurance Association of

Mr. Muhammad Faisal Siddiqui is a Master's in Business

A veteran Insurance professional with a vast experience of more

Mr. S Shahid Abbas is a Graduate and a Fellow member of the

He has around 36 years of experience in the field of Finance,

He is currently member of the Executive Committee and Taxation

Mr. Zeeshan Raza a Cert-CII from Chartered Insurance Institute

He is presently a member of Executive Committee (EC) of Insurance

Mr. Hasanali Abdullah is Chartered Accountant and Certified Director

He has been associated with EFU General Insurance Limited since

Dear Members, The Taxation and Legislation Committee finalized the

Non Life Insurance

General Takaful Operators

Window Takaful Business

Window General Takaful Business

Sitting from Left to Right:

Standing from Left to Right:

l IAP representatives met the Punjab Government insurance program.

REGIONAL COMMITTEE NORTH

In 1985, sensing a shift in Pakistans economy towards privatization,